Freelancer acquires Spanish & Portuguese competitors

Company News

by David Chau

Freelancing and crowdsourcing website, Freelancer Ltd (ASX:FLN), has acquired two of its competitors - Nubelo and Prolancer.

According to Freelancer, apart from itself, these two companies are the largest Spanish and Portuguese freelancing marketplaces. Nubelo is headquartered in Barcelona, and took control of Prolancer back in July 2015.

Freelancer expects this transaction will expand its leadership in the Latin American, Spanish and Portuguese markets – making it a dominant leader, far ahead of any other competitor, in the freelancing marketplace.

The company has not disclosed the price it paid for these acquisitions, but expects the deal to close by today.

Freelancer posted a net loss of $778,000 at 30 June 2016.

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.