Safe acquires French company Multis

Wednesday, April 17, 2024

With this acquisition, for an undisclosed sum, the Swiss-based multi-signature wallet provider aims to consolidate its position as market leader.

Is this the start of the big moves in the crypto industry? What is certain is that after more than a year of Bear Market and as prices pick up again, some companies like Safe (ex-Gnosis Safe) want to take advantage of the momentum to position themselves and expand their activities.

The provider of multisig (multi-signature) wallets on Ethereum announced this Wednesday the acquisition of French Multis, which provides crypto management and accounting tools for businesses.

This acquisition of Safe, which raised $100 million in 2022, is both opportunistic and strategic; it is opportunistic because Multis - created in 2019 - had been in a clear slump since mid-2023 (notably due to the cessation of its US business) and was therefore a great target. It is strategic because, with this acquisition, Safe is acquiring a technology and a team - there are still 4 people at Multis - that will strengthen its expertise in layers 2.

"Demand for our services continues to grow, especially for layers 2, the number of which is steadily increasing. We need to be able to offer our customers the ability to move from one chain to another, and the acquisition of Multis will help us to do that", explained Richard Meissner, co-founder of Safe.

The purchase price was not specified. "We will communicate in due course", explains Multis co-founder Thibaut Sahaghian, who points out that "the company's investors (Multis, editor's note) were all in agreement with the operation". As a reminder, Multis raised $7 million in 2022 from several funds (Sequoia Capital) and crypto industry players such as MakerDAO.

Today, Safe employs around sixty people in several countries (notably Germany). The company, which is registered in Zug, Switzerland, claims to have secured $100 billion worth of crypto via all its customers.

This analysis is not investment advice. It has been prepared without taking into account your personal situation, particularly your financial situation, risk profile, and investment objectives.

Before investing in any product, investors should fully understand the risks involved and consult their own legal, tax, financial, and accounting advisors.

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