Storytel acquires the digital newspaper subscription service Ztory
The deal, which has the financial details undisclosed, was made through the operating Swedish wholly owned subsidiary Storytel Sweden AB. The current CEO of Ztory Daniel Malmqvist will continue to be employed by the Storytel Group
Ztory, founded in 2013 by Nima Samimi, Staffan Svantesson, Daniel Malmqvist and Martin Samami, provides a digital subscription service for primary newspapers and magazines as well as digital children's books.
The latest audited fiscal year, Ztory's turnover was SEK 5.4 million ($600k) and made a profit after net financial items of approximately SEK -3 million.
The company has a total of 13 shareholders, all of which exit through this transaction, with principal owners consisting of founders Nima Samimi and Daniel Malmqvist, Wingefors Venture AB and Almi Invest Norra Mellansverige AB.