Voyado acquired Apptus.

Voyado, a Stockholm, Sweden-based software developer of marketing and sales solutions, announced that it acquired the Swedish competitor Apptus, based in Lund.

Financial details were not disclosed - according to unverified local media sources the transaction is valued at around SEK 400 milliobnn ($44 million).

Apptus, founded in 2000 by CEO Michael Mokhberi, is a provider of AI-powered product discovery software, serving eCommerce merchants across Northern Europe including NA-KD, Clas Ohlson, Varner, BHG and Coop, among others. Apptus software enables online retailers to optimise and automate product exposure, search, and display on their websites.

Voyado, founded as Revide in 2005, and led by CEO Johan Bäckarlin, is a cloud-based data-driven market platform with 360 ° customer database, marketing automation, loyalty and bonus logic, campaign and mail engine, reporting tools. Customers include XXL, Rusta, Apoteket, Kjell & Company, NetOnNet, Mio, Polarn O. Pyret and MQ, which produced revenue of roughly €16 million ($19.2M) in 2020.

Voyado previously raised money from Novax, a Swedish investment company, wholly owned subsidiary to the family holding Axel Johnson AB, as well as from the Norwegian private equity house Verdane Capital in May 2021.