Bird Holding B.V. has announced its intention to acquire CM.com N.V. through an all-cash public offer priced at €5.16 per share. The proposed transaction values CM.com at approximately €165.8 million on a fully diluted basis and reflects a 20 percent premium to the €4.30 closing price on November 4, 2025. Bird says the combination would create an AI-centric customer engagement platform that unifies data, marketing, service, and payments across channels.
Offer Terms and Valuation
The contemplated offer is voluntary and would be extended to all issued and outstanding ordinary shares of CM.com. Bird currently holds 1,632,444 CM.com shares, representing 5.08 percent of the company’s issued share capital based on 32,147,077 ordinary shares. The company emphasized that any formal offer will be made solely through an AFM-approved offer memorandum and will be subject to customary terms and restrictions.
Strategic Rationale
Bird argues that merging its AI-first data platform and vertically integrated infrastructure with CM.com’s conversational commerce capabilities would transform how enterprises acquire, convert, and retain customers. Management highlights expected gains from complementary geographic reach, product breadth, and operational efficiencies. The enlarged business is positioned to deliver meaningful profitability and free cash flow, enhancing its scale relative to U.S. competitors.
Market Context and Competitive Positioning
Both companies are rooted in the Netherlands and focus on high-volume, omnichannel enterprise messaging and engagement. Bird frames the deal as creating a European champion in AI-powered customer engagement with the product depth and talent base to compete globally. The company recently expanded its global footprint with hubs in the United States, Singapore, Dubai, Lithuania, Istanbul, and Thailand, underscoring its international ambitions.
Regulatory Process and Timeline
Bird intends to submit an offer memorandum to the Dutch Authority for the Financial Markets within the statutory 12-week window. The transaction will be conditional on a minimum acceptance level, competition clearance, and other required regulatory approvals. Bird has invited CM.com to engage toward a recommended transaction and indicated that non-financial stakeholder commitments would be part of the final terms.
Company Profiles
Bird is a global software provider focused on unifying customer data, automating personalized campaigns, and delivering AI-driven lifecycle management. The company reports serving roughly 50,000 customers and processing nearly 500 billion messages annually across email, SMS, WhatsApp, voice, and other channels. Headquartered in Amsterdam, Bird operates on proprietary global infrastructure designed for scale and reliability.
CM.com’s Capabilities
CM.com provides solutions that connect businesses and consumers via telecom operators, payment providers, and modern messaging channels. Its stack spans SMS, OTT platforms such as WhatsApp Business and Apple Business Chat, Voice API, and SIP, combined with ticketing, eSignature, customer contact, identity services, and a customer data platform. The business has deep European enterprise relationships built around conversational commerce use cases.
Leadership Perspective
“Modern businesses demand a unified platform that combines customer data, AI-powered engagement, and revenue generation in one seamless experience,” said Bird CEO Robert Vis. He added that joining Bird’s AI-first platform with CM.com’s conversational commerce expertise and European customer base would help brands convert every interaction into lasting relationships and measurable growth. He framed the deal as combining two Dutch innovation leaders to create a scaled European contender in customer engagement.
Outlook and Next Steps
If the offer proceeds and is accepted, Bird expects to leverage CM.com’s installed base and product set to accelerate cross-sell and geographic expansion. Integration priorities would focus on consolidating data layers, harmonizing go-to-market motions, and realizing operational efficiencies without disrupting customer service. Until an AFM-approved offer memorandum is published and conditions are satisfied, there is no certainty that the transaction will complete.
Bird’s announced intention to acquire CM.com signals continued consolidation in AI-enabled customer engagement platforms. The proposal pairs Bird’s data and infrastructure strengths with CM.com’s conversational commerce footprint, offering shareholders a premium and promising stakeholders greater scale. The market will now watch the AFM process, regulatory reviews, and CM.com’s response to determine whether this proposed Dutch tie-up becomes a recommended deal.