M&A advisory services in Kazakhstan

Kazakhstan's technology M&A market is at an early stage but accelerating, with regional strategic acquirers, pan-CIS PE sponsors and inbound global investors all seeking exposure to Central Asia's leading digital businesses.

The Kaspi.kz dual-listing and inDriver's expansion trajectory have demonstrated that Kazakh-born companies can achieve international scale and liquidity; Choco and Aitu are among the names that PE and strategic acquirers are actively tracking. AIFC's English common-law jurisdiction and 50-year tax exemption make it the preferred exit vehicle for cross-border transactions.

We advise both bootstrapped and venture-backed Kazakh founders through the full sale process, drawing on a strong network of PE sponsors and strategic acquirers with CIS and Central Asia mandates. Our lean end-to-end process covers KPI-driven preparation, vendor due diligence, information memorandum, process management and term negotiation - with AIFC structuring and cross-border tax planning built in.

Kazakhstan tech M&A deals in the last 12 months

$75M

Kazakhstan median tech M&A valuation

Kazakhstan median tech M&A revenue multiple

$75M

Kazakhstan biggest tech acquisition in the last 12 months

Selling your tech company in Kazakhstan

Kazakh M&A involves significant cross-border and structuring complexity. Most material Kazakh tech exits involve AIFC or offshore holding entities; the choice between AIFC, mainland and offshore deal mechanics materially shapes the post-tax outcome.

Completion accounts dominate

Kazakh private M&A is predominantly completion-accounts based. Locked-box is growing in PE-led and tech deals at the AIFC or offshore-parent level. Closing-day mechanics typically include estimated-then-adjusted purchase price.

W&I insurance is emerging

Warranty & indemnity insurance is becoming more common in Kazakh deals above roughly USD 25M, particularly in cross-border transactions. Premiums (2-3% of cover) typically split between buyer and seller.

Competition agency review

Agency for Protection and Development of Competition reviews transactions above the relevant turnover and asset thresholds. Most pure-tech tuck-in deals don't trigger.

Capital gains for founders

Kazakh individuals are taxed on share disposal gains at 10% (IIT for qualifying gains). AIFC and offshore holding structures (Cayman, Delaware) materially shape the post-tax exit outcome for Kazakh-resident founders.

AIFC tax treatment

Sales of AIFC entity shares benefit from AIFC tax exemption framework. Material structural advantage for cross-border exits headquartered through AIFC.

Cross-border tax considerations

Most material Kazakh tech exits involve AIFC or offshore (Cayman/Delaware) holding entities. Kazakh source taxation can apply to sales of foreign entities deriving substantial value from Kazakh assets. Requires careful pre-sale planning.

Recently acquired tech companies in Kazakhstan

Biggest M&A recently in Kazakhstan was a $75M acquisition of OLX Kazakhstan by Beeline in October 2025.

See all M&A deals in Kazakhstan

	Logo		HQ	Description	Buyer
Oct-25		OLX Kazakhstan		-	Beeline	$75M	-
Dec-25		DIKIDI		DIKIDI is a cloud-based software for appointment scheduling, online booking, automation, and promotional tools tailored to service businesses.	Yandex	-	-

Who is buying tech companies in Kazakhstan?

Freedom Holding, Yandex and Beeline are the most active acquirers in Kazakhstan.

See all acquirers in Kazakhstan

	Description	Key acquisitions
Freedom Holding	Freedom Holding Corp is a holding company with its subsidiary it is engaged in securities brokerage, securities dealing for customers and account, market-making activities, investment research, investment counseling, investment banking services, retail and commercial banking, insurance products, payment services, and information processing services. It acts as a professional participant through its subsidiaries on the Kazakhstan Stock Exchange (KASE), Moscow Exchange (MOEX), Saint-Petersburg Exchange (SPB), the Ukrainian Exchange, the Uzbek Republican Currency Exchange (UZCE), and the Republican Stock Exchange of Tashkent (UZSE). Its segments are Brokerage, Banking, Insurance, and Others.	re:KassaAviataChessBase+2	2
Yandex	Yandex is a Moscow-headquartered internet technology company providing Russia's dominant search engine alongside Maps, Navigator, and Drive services. It runs Taxi ride-hailing in 1,000 cities, Yandex.Market e-commerce, and applies machine learning to ad targeting, neural network translations, and self-driving prototypes. Operations extend to Turkey, Kazakhstan, and Belarus since its 1997 founding.	DIKIDIBandLinkeLama+1	1
Beeline	Beeline is an Almaty-based telecommunications provider in Kazakhstan offering mobile internet, fiber broadband, and device sales through its online store. The company sells smartphones from Samsung and Apple, routers, and SIM plans with data packages up to 100 GB. Beeline also facilitates bill payments and money transfers via its app. Operating since 2004 as a VEON subsidiary, it covers 95% of urban Kazakhstan.	OLX Kazakhstan	1
Freedom Telecom	Freedom Telecom is a telecommunications provider in Kazakhstan offering fixed broadband internet and public Wi-Fi hotspots in cities including Almaty, Astana, and Shymkent. Operating nationwide since 2010, it delivers speeds up to 1 Gbps to over 100,000 subscribers via fiber-to-the-home infrastructure and partners with municipal governments for free access points in public spaces.	ASTEL	1

Public tech companies in Kazakhstan

Kaspi.kz is Kazakhstan's largest publicly listed tech company, with a market cap of $17B.

See all public companies in Kazakhstan

Logo		Description	Sectors
	Kaspi.kz	Kaspi.kz JSC is the payment, marketplace, and Fintech ecosystem in Kazakhstan. The firm provides interconnected technologically seamless products and services that help people to pay, shop and manage their finances. Its operating segment includes the Payments Platform that connects its customers, which consist of both consumers and merchants, to facilitate cashless, digital transactions, the Marketplace Platform that connects merchants and consumers enabling merchants to increase their sales and consumers to buy a broad selection of products and services offered by a variety of merchants, and Fintech Platform that enables customers to manage their personal finances online and access consumer finance and deposit products through the Kaspi.kz Super App.	Payment Service ProvidersPayment Infrastructure+2	$89.49	+3.6%	$17B	$14B	1.6x

Why Flow Partners as your M&A advisor

We operate across four fundamental principles that over the years enabled us to successfully advise many Kazakh companies.

Access to relevant buyers

We have extensive network and direct access to world's most prominent financial and strategic buyers, cultivated through years of successful M&A track record across bulge bracket investment banking.

No corporate red tape

We run lean deal processes, without BS, unnecessary time-wasting efforts and corporate inefficiencies. Our approach values candor, transparency and high-impact work to make sure great deals get done.

Thorough preparation

KPI-driven storytelling is more art than science. We have unmatched understanding of digital businesses and are experts in building sharp equity stories that present your business in a clear, concise manner.

Optimize value, not valuation

Valuation is only one side of the medal. We help creating attractive and efficient transaction structures that bridge incentive gaps between sellers, buyers and management teams.

We provide M&A advisory services across Kazakhstan and beyond

Sector expertise

Explore our M&A advisory offering across a variety of tech sectors in Kazakhstan.

Software

Vertical and horizontal SaaS, AI-native software products, infrastructure SaaS, cybersecurity

AI & ML

Foundation models, AI applications, AI infrastructure, semiconductors, AI consulting

Fintech

Neobanking, online payments, fintech infrastructure, lending platforms, wealth tech, online brokerage, vertical FS software

Consumer internet

Consumer software subscription platforms, edutech, online content, social networks, online dating

Digital media

Streaming platforms, mobile and console gaming, content distribution, digital publishing, VR & AR

E-commerce & marketplaces

Consumer and B2B marketplaces, inventory-based e-commerce, classifieds, lead generation platforms

Consumer products

Direct-to-consumer (D2C) brands, consumer electronics, smart home devices, lifestyle products

Mobility

Ridesharing, micromobility, food delivery, logistics tech, autonomous tech, EV charging infrastructure

Digital health

Digital therapeutics, telemedicine, mental health solutions, EHR and practice management, vertical healthcare SaaS

Industrial technology

Industry 4.0 solutions, 3D printing, climate tech, industrial IoT, robotics, smart manufacturing

Digital infrastructure

Data centers, cloud infrastructure, edge computing, network security, vertical infrastructure SaaS

IT services

Software development and testing, digital transformation, cloud services, advertising agencies, IT support services

Selected case studies

We've closed sell-side and buy-side transactions across European, US and emerging-market tech.

Our M&A track record spans strategic exits to corporate acquirers, PE buyouts, and cross-border deals where regulatory and structuring complexity actually matters.

See all case studies

We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.

Recently completed M&A advisory projects

Selected M&A transactions and prior deal experience.

M&A

Polish publicly listed diversified industrial firm

M&A

German email marketing software platform

M&A

German software testing provider

M&A

Leading provider of testing, inspection, and certification services

M&A

Spanish neobanking platform for Gen Z and Millennials

M&A

Online price comparison and booking platform for rental cars

M&A

Digital testing, cybersecurity, content and digital forensics provider

M&A

Online casual dating platform for curious individuals

M&A

European DAM software provider

M&A

$3bn acquisition by Blackstone. Family of online dating brands (Badoo, Bumble, Chappy, Lumen).

M&A

€135m acquisition by Takeaway. Leading B2B online food delivery platform in Israel.

M&A

€80m acquisition by Zur Rose. Online e-commerce platform for pharmacy, beauty and wellness.

M&A

$200m acquisition by EMK. World's largest data collection and transformation platform.

M&A

Acquisition by ProSiebenSat.1 / General Atlantic. Online marketplace for household products and services.

M&A

€300m acquisition by Oakley Capital. Leading European online matchmaking platform.

M&A

Acquisition by Axel Springer. Leading Israeli online classifieds platform (jobs vertical).

M&A

$800m acquisition by Adobe. Marketplace for royalty-free images, graphics and HD videos.

M&A

€80m acquisition by Lifull. Spanish vertical search engine for real estate, cars and jobs.

M&A

Acquisition by Oakley Capital. Italy's largest online car insurance, gas and electricity brokerage.

Strategic Advisory

Strategic advisory. Cashless mobile taxi app connecting passengers to nearby taxis.

M&A

Acquisition by IAC. Digital social media platform for Q&A.

M&A

$228m acquisition by Axel Springer. Israel's leading classifieds and advertising portal.

M&A

Acquisition by Quant. Turkish membership-based daily deals site.

M&A

€320m acquisition by Bonnier. Pay television company across the Nordic region.

Minority Acquisition

€290m minority acquisition by News Corp. German direct broadcast satellite Pay TV (DACH).

M&A

€3.2bn acquisition by ProSiebenSat.1. European media group (TV, radio, print).

M&A

€3.1bn acquisition by KKR and Permira. German mass media and digital company.

Got questions?

Schedule a call ordrop us an email to learn more about our CFO-as-a-service, capital raising and M&A advisory offering.

Unlike traditional M&A advisors, we truly understand tech businesses and the unique challenges they face. Our investment banking background combined with deep sector expertise allows us to build compelling equity stories and navigate complex transactions.

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M&A advisory services in Kazakhstan