Competera, a next generation Ukrainian pricing platform for e-commerce and omnichannel retailers, has established its headquarters in the US to better position the company within the technology market.
Speaking after the move, Competera’s Senior Legal Counsel Denis Boshko revealed that the transfer of intangible assets from their Cyprus company to the US holding company was “one of the challenges for our transformation”.
Besides having to verify the transfer’s validity, the entire process involved three different jurisdictions – Ukraine, Cyprus and US, to which Denis said that “the choice of the applicable law was a challenge”.
He added that the “US GAAP includes many requirements for recognition of the intangible asset. Our team had to collect additional documents to comply with local standards”.
Many of the challenges faced were overcome due to the project-based approach adopted with law firm Dentons, who advised Competera on corporate and tax matters, including setting up the US headquarters and establishing an additional operating entity in the US for direct cooperation with customers.
“The project team was agile enough to collect all the information from different sources, coordinate the work and cooperate with Dentons and, based on the respective analyses, to organize the valid transfer of intellectual property”, Denis explained.
The law firm also assisted in developing an omnibus incentive compensation plan, allowing company employees to acquire equity ownership, and advised on the acquisition of the Ukrainian and Singapore entities by US headquarters.
Founded in Kyiv in 2014, Competera has established offices in the US, UK and Singapore and serves customers in 28 countries.
The company helps category managers in retail to make the right merchant decisions, enhance their category and pricing strategy, and increase revenue using an analytics and management platform built on advanced algorithms, math, and retail expertise
In 2019, Competera was selected as the second best startup among 60 international AI projects at Startup Elevate, London Tech Week’s flagship event.