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October 15, 2014

Daripodarki: Edenred enters the Incentive and rewards market in Russia

Edenred acquires 50% of Daripodarki, the leading player in Russia’s mono-brand gift card resale market.

Leveraging its unique offering of mono-brand gift cards for over 150 major brands, Daripodarki enables over1,300 companies to reward their partners and employees on special occasions or during incentive campaigns. The company thereby extends the benefits of its purchasing power to its corporate clients while simplifying management of their rewards programs through personalized order platforms and a secure card delivery system. Some 450,000 Russian employees benefit from Daripodarki’s gift card solutions.

Present in Moscow and Saint Petersburg, Daripodarki has grown rapidly since its creation in 2005. In 2013, it reported business volume of €28 million and revenue of €2 million. Since 2005, Daripodarki has been financed by Softline Venture Partners, the corporate venture fund of Softline Group, a leading Russian IT company holding a 30% stake in Daripodarki since Edenred’s acquisition.

This acquisition is enabling the Group to expand its operations into Russia’s incentive and rewards market. Estimated at nearly €11 billion, this market offers major growth potential for gift cards due to a low 3% penetration rate and a favorable tax regime. Furthermore, with an active population of roughly 72 million, Russia represents a promising long-term market for the Group in terms of prepaid corporate services.

The Daripodarki acquisition is perfectly aligned with Edenred’s geographic expansion strategy, which is based on the objective of entering three new countries between 2013 and 2016.

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