Russian Qiwi, an electronic payments operator, is buying the Russian startup Flocktory, which produces SaaS software for customer management. Qiwi has agreed to pay 832.8 million rubles (around $14 million) in exchange for an 80 percent stake in the startup. The other 20 percent of the shares will continue to be held by the founders and key employees of Flocktory.

Flocktory has developed a SaaS platform for customer management and personalization to be used in digital marketing. The startup creates automated marketing solutions for the e-commerce, financial, media and travel industries using data collection and analysis.

The startup had previously raised $220,000 in a Seed round, and $1.5 million in a Series A round in 2013.

Read more: East-West Digital News

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