VIP District completed the acquisition of MIVO from Degussa Bank.

VIP District, an employee engagement platform that provides communication, benefits, and motivation, completed the acquisition of MIVO, an employee benefits portal which offers benefit services, discounts, and vouchers for employees and members, from Degussa Bank, a provider of banking services and corporate credit cards in Germany. Financial terms were not disclosed. “As MIVO, we are very pleased that we have gained a fast-growing player in the same industry with VIP District. Through mutual synergies, we will create a basis for significantly improved profitability. This inorganic growth will enable us to better harness, further develop and optimize the potential of MIVO with a specialized company. It also offers our existing partner companies an expanded product portfolio and enormously strengthens our competitiveness in the German market,” Laura Storch, MIVO Managing Director.