Israeli fintech firm Nayax (TASE: NYX) has introduced that it has entered right into a binding settlement to accumulate Israeli fee options firm On Track Innovations Ltd. (OTI) (OTC-QX: OTIVF).
The acquisition will likely be accomplished in two phases. First, Nayax will lend OTI roughly $5.5 million to repay its excellent money owed. The Nayax mortgage will likely be repaid in two years, bearing a ten% annual rate of interest and within the subsequent section, anticipated inside 21 days of signing the mortgage settlement, OTI will likely be totally merged into Nayax in consideration for $4.5 million.
Nayax, which held an IPO on the TASE final 12 months and has a market cap of NIS 3.3 billion, has developed a platform which gives a whole resolution for retailers together with localized cashless fee acceptance, administration suite, and advertising and loyalty suite, enabling them to conduct commerce anyplace, at any time.
OTI was based 30 years in the past and has been traded on Wall Street for 20 years. At its peak in 2006 the corporate was value $180 million. But its founder Oded Bashan was pressured out in 2013 by activist buyers who have been sad with the share’s efficiency. Since the appearance of the Covid disaster, OTI has been troubled by money circulate issues, Nayax stated.
Nayax CEO Yair Nechmad stated, “This acquisition is an important step in our plan to gain share in our targeted markets and accelerate our growth opportunities in territories such as Japan. OTI has an experienced workforce, a high-quality and loyal customer base as well as significant operations in the automatic refueling system market. This transaction supports Nayax’s strategic business plan, as we constantly explore potential acquisitions with complementary technologies that will support our continued growth.”
Published by Globes, Israel enterprise information – en.globes.co.il – on January 23, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.