Wikipedia

Prosus

Prosus N.V.,orProsus,is a global investment group that invests and operates across sectors and markets with long-term growth potential. It is among the largest technology investors in the world.[3]

Prosus N.V.
Company typeNaamloze Vennootschap
Euronext Amsterdam:PRX
JSE:PRX
A2X:PRX
AEXcomponent
ISINNL0013654783
IndustryInvestments
Headquarters
Amsterdam
,
Netherlands
Area served
Worldwide
Key people
Koos Bekker
(chairman)
Fabricio Bloisi (CEO)[1]
Basil Sgourdos
(CFO)
Revenue5,467,000,000 United States dollar (2024)Edit this on Wikidata
923,000,000 United States dollar (2024)Edit this on Wikidata
1,300,000,000 United States dollar (2024)Edit this on Wikidata
Total assets152,427,000,000 United States dollar (2024)Edit this on Wikidata
Number of employees
15,677[2]
ParentNaspers Limited
Websiteprosus

Prosus has invested across multiple verticals,[jargon]including social / gaming, classifieds, payments,financial technology,educational technology,food delivery, and ecommerce.[4]Products and services of its businesses and investments are used by more than 1.5 billion people in 89 markets.[2]

Prosus is majority-owned by South African multinationalNaspers.[5]In September 2019, Prosus's ordinary shares were listed onEuronext Amsterdamand, as a secondary inward-listing, on theJohannesburg Stock Exchange.[6]Subsequent to itsIPOTooltip Initial public offering,Prosus became the largest consumer Internet company in Europe by asset value.[7]Shares in the company were reported to have "soared on debut,"[8][5]although the company was trading at a significant discount to the value of its portfolio.[9]

Business

edit
Prosus' head office is located in the Symphony Building in theZuidasbusiness district in Amsterdam.

The group's expansion into Internet platforms began in the 1990s,[2]spanning various tech investments,[10]including:

Prosus is best known for its investments inTencent,dating back to a 45% share in 2001.[15]In 2019 the company attempted to acquireJust Eat,but lost the bidding war toTakeaway.[16]

In March 2022, Prosus announced it was writing off its 25.9% stake (worth approximately US$700m) in social media companyVKafter VK's CEOVladimir Kirienkowas put on a U.S. sanctions list.[17][18]

Controversy

edit

Following theRussian invasion of Ukrainein February 2022, many international companies, particularly Western, pulled out of Russia. Unlike most of its Western competitors, Prosus was slow to announce anydisinvestmentsor scaling back of its operations in Russia. It was criticised in particular with regard to itsAvitoplatform (a subsidiary ofOLX), which, among other activities, providedclassified advertisingservices that were used by the Russian army for recruiting purposes.[19][20]In October 2022, Prosus agreed to sell Avito service to Kismet Capital Group for $2.4 bln.[21]

Acquisitions

edit
No Acquisition Date Company Price (USD) Ref
1 June 3, 2021 Stack Overflow $1.8 billion [22][23]
2 June 15, 2021 GoodHabitz $257 million [24][25]
3 August 19, 2022 iFood $1.9 billion [12][26]

References

edit
  1. ^"CEO Steps Down".Reuters.18 September 2023.
  2. ^abc"newglobaltechgroup"(PDF).ww38.newglobaltechgroup.
  3. ^"Update on repurchase program".prosus.
  4. ^Schulze, Elizabeth (September 11, 2019)."A $100 billion tech company you've never heard of just listed in Europe".CNBC.
  5. ^abWexler, Alexandra (September 11, 2019)."Introducing Prosus: A Rare European Mega-Tech Stock"– via wsj.
  6. ^"Prosus - About".prosus.Retrieved2021-07-13.
  7. ^"Naspers Announces Revised Timetable for the Listing of Prosus on Euronext Amsterdam and JSE".Jul 19, 2019.RetrievedOct 24,2022.
  8. ^"Prosus debut creates €120bn European tech giant".Financial Times.11 September 2019.
  9. ^"Naspers, Prosus launch share swap deal to shrink S.Africa discount".Reuters.2021-05-12.Retrieved2021-07-13.
  10. ^"Our portfolio".prosus.Retrieved2024-08-12.
  11. ^"prosus 2022 annual report"(PDF).Retrieved25 September2023.
  12. ^ab"Prosus to acquire remaining stake in iFood from Just Eat".Prosus.Retrieved2022-08-20.
  13. ^Dummett, Ben (2 June 2021)."Stack Overflow Sold to Tech Giant Prosus for $1.8 Billion".Wall Street Journal.Retrieved2 June2021.
  14. ^Singh, Manish (30 September 2020)."Prosus Ventures leads $13 million investment in Pakistan's ride-hailing giant Bykea".techcrunch.Retrieved30 September2020.
  15. ^Jolanda van de Beld (12 July 2021)."Gouden aankoop brengt Prosus in de problemen".NRC(in Dutch).Retrieved2021-07-13.
  16. ^Pijpker, Joost (19 December 2019)."Takeaway overtreft bod Prosus voor Just Eat".NRC(in Dutch).Retrieved2021-07-13.
  17. ^"Prosus to write off $700 mln stake in Russia's VK Group".Reuters. 7 March 2022.
  18. ^"Directors resign from VK board".Directors resign from VK board.RetrievedOct 24,2022.
  19. ^Pikuła, Rafał (18 March 2022)."Firma powiązana z Grupą OLX pomaga w rekrutacji do rosyjskiej armii. Z rynku wycofać się nie chce".wyborcza.biz(in Polish).Retrieved2022-03-18.
  20. ^Khumalo, Sibongile."'Too early' to decide fate of Naspers-owned Russian classified ads business ".Fin24.Retrieved2022-03-18.
  21. ^Sterling, Toby (October 14, 2022)."Prosus to sell Russian classifieds business Avito to Kismet for $2.4B".Reuters.
  22. ^Ch, Prashanth; CEO, rasekar (2021-06-02)."Prosus's Acquisition of Stack Overflow: Our Exciting Next Chapter".Stack Overflow Blog.Retrieved2021-06-24.
  23. ^Salter, Jim (2021-06-03)."Stack Overflow sold to tech investor Prosus for $1.8 billion".Ars Technica.Retrieved2021-06-24.
  24. ^"Prosus to acquire majority stake in GoodHabitz".Prosus to acquire majority stake in GoodHabitz.Archived fromthe originalon 2021-06-24.Retrieved2021-06-24.
  25. ^"Prosus acquires GoodHabitz for $257M - AIM Group".aimgroup.Retrieved2021-06-24.
  26. ^"Just Eat Takeaway soars on $1.8 billion iFood stake sale to Prosus".Reuters.2022-08-19.Retrieved2022-08-20.
edit

Media related toProsusat Wikimedia Commons

Retrieved from "https://en.wikipedia.org/w/index.php?title=Prosus&oldid=1260197099"