DT invests in local app maker
Deutsche Telekom acquires 20% stake in Desquared, which has cooperated with Cosmote, NBG
Discussions between Deutsche Telekom and Greek technology company Desquared lasted more than a year, but now 20% of the latter has come under the control of the German telecommunications group. Kathimerini understands the purchase price of 20% of Desquared, which has a valuation of more than 20 million euros, was set at €5 million.
So how did a German group with a capitalization of more than €103 billion invest in a Greek company active in the extremely competitive market of online apps? Over the past decade Desquared has developed popular Cosmote applications, such as BOX (food ordering and delivery) and the Cosmote app through which the accounts of the telecom provider’s customers are managed. It has also created the apps of National Bank and electricity company Heron. It was the long-standing partnership with Cosmote, controlled by Deutsche Telekom, that sparked discussions between Desquared and the German group.
“Deutsche Telekom recognized the high quality of the services and solutions we created for Cosmote, which are on a par with the standards set by the German group,” Desquared founder and CEO Vangelis Liaskas notes to Kathimerini.
The company, founded in 2012, either develops and delivers online platforms, following a project assignment from the client (e.g. Cosmote’s WhatsApp application), or creates online apps based on a revenue sharing agreement with its partner. For example, under a revenue sharing agreement, Desquared developed Cosmote’s BOX food ordering and delivery platform, as well as at least 20 individual applications (e.g. for delivery systems, payment clearing etc).
In the highly competitive field of online food ordering, Desquared, conceived as a business idea in an Athens restaurant 11 years ago by Liaskas and Christos Kekkos, managed to gain the lead over one of the largest multinational online ordering giants, also of German interests.
Following Deutsche Telekom’s strategic investment, Desquared will be able to enrich its international portfolio of projects, utilizing the resources and know-how of the German group.
