LONDON: Mail.ru Group Limited, one of the largest Internet companies in the Russian-speaking Internet market, announced the completion of the sale of 100% of MAPS.ME, a mobile maps and navigation service based on OpenStreetMap data, to Daegu Limited (member of Parity.com Group) for RUB 1.557 billion.

According to a corporate announcement, Mail.ru Group acquired MAPS.ME in 2014 for RUB 542 million. MAPS.ME app has surpassed 140 million installs and has 10 million monthly active users. In 2019, MAPS.ME revenue amounted to RUB 159 million with an EBITDA loss of RUB 25 million.

Disposal is part of Mail.ru Group’s strategy to focus on development of core assets where international travel is perceived as non-core.

Parity.com Group is an instant global settlement system which helps individuals and corporates around the world store money in AAA safety and transfer it in real-time.

Parity.com Group offers an ecosystem of services to help people send money globally to friends and family, save money when travelling or shopping online. Parity.com enables corporates make mass payouts, collection and disbursement of funds, escrow, treasury management. It is particularly relevant for insurance sector, marketplaces, travel, commodity trading and trade finance.

Parity.com relies on leading partners in their respective fields including TMF Group (corporate governance and trustee of funds), Morgan Lewis and Reed Smith (legal advice globally), Marqeta (modern issuer of cards), CurrencyCloud (global BaaS platform) and others. Parity.com Group is privately held and is headquartered in Zug, Switzerland. It was founded by Viktor Mangazeev and Alex Grebnev in 2018.