Mofibo gets acquired by Storytel

Storytel acquires the Danish streaming service Mofibo for SEK 125 million ($15.2M)

The money is mainly paid through bank loans. SEK 20 million is a new issue to Mofolo's founder Morten Strunge. He will continue to sit in Storytel's management team, and will be responsible for the company's Danish and Dutch operations.

Mofibo, based in Copenhagen, has about 40,000 paying subscribers in Denmark. Through the acquisition, Storytel increases its revenue from 19 to 28 percent.

In Denmark and Sweden, both Storytel's and Mofibo's services will be available until further notice. In Holland, Mofibo is ceasing operations

According to Jonas Tellander, CEO of Storytel, one reason for the acquisition is the technical solutions behind Mofibo. Among other things, the service has a recommendation system that is structured in a way other than Storytels.