Accel-backed GetJar sold in trade sale

Alongside the cash payment, Sungy stated it may also issue the vendors with up to 1.4 million Sungy shares as an earnout payment, due to happen by early 2016. At Sungy's current stock price of $24 per share (as of 17 February), the potential future payout brings the deal value to a total of up to $40m.

Accel invested in GetJar in November 2007, providing the company with $6m in exchange for a significant minority stake. The deal marked the first investment made by Accel in the CEE region, according to unquote" data.

Company
Founded in 2004, GetJar was established in Vilnius and now has US headquarters in San Mateo, as well as additional offices in London and Seattle.

The company offers personalised app recommendations for Android via its free app store. It operates a Google Play virtual currency, GetJar Gold, which can be spent by users with the company's partner apps.

GetJar claims its app store has had more than 3 billion downloads to date. At the time of Accel's investment, the company's store had experienced 100 million downloads, according to unquote" data.

People
Ilja Laurs is the founder and CEO of GetJar. Accel's Kevin Comolli and Heikki Makijarvi led the original deal for the firm and sat on the company's board of directors, according to unquote" data. Yuqiang Deng is the CEO of Sungy.

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• Topics
• Exits
• CEE
• Technology
• Lithuania
• Accel Ventures
• Trade sale