Leading online greeting card and gift platform Moonpig is to acquire gifting experience business Buyagift for a total of £124m, with the company benefitting from the growing £6bn UK gift experiences segment of the gifting market – days out, meals out and other activities.
The acquisition, which will drive cross-selling opportunities, is expected to befinalised by the end of July, delivering an instant step-change to the breadth and relevance of Moonpig Group’s range.
“The proposed acquisition of Buyagift rapidly accelerates Moonpig Group’s journey to become the ultimate gifting companion,” states Moonpig Group ceo Nickyl Raithatha. “There is strong strategic rationale for the transaction and compelling financial benefits.”
Continued Nickyl: “Buyagift is profitable and highly cash generative, with a proven track record of strong growth, and we are excited by the ways that we can further transform the business using the Group’s proven playbook. We see significant potential for the cross-selling of gifting experiences to Moonpig Group’s loyal customers.”
The proposed acquisition will enable the digital delivery of gifts on Moonpig Group’s technology platform, to include the opportunity to ‘make the greeting card the gift’through gift vouchers printed within the card. It also unlocks the same-day gifting market through embedding the gift experience in an e-card delivered instantly.
Top: Moonpig is to acquire Buyagift for £124m.
