The purchase will be settled through the combination of an issuance of Lesaka common stock to Adumo’s current shareholders plus R232 million in cash.
Dual-listed fintech firm Lesaka Technologies has signed a definitive agreement to acquire payments services provider Adumo in a R1.59 billion deal.
Adumo’s shareholders include Apis Growth Fund I, a private equity fund managed by Apis Partner; African Rainbow Capital , the largest shareholder of Crossfin Holdings; as well as the International Finance Corporation; and Adumo management. Adumo ISV, also known as GAAP, is the largest point-of-sale and software-as-a-service solutions provider to the hospitality sector in Southern Africa, it adds.
“The acquisition reinforces Lesaka’s position as natural consolidator of Southern African fintech and will enhance our strengths in the consumer and merchant markets, and follows the successful integration of the Connect and Kazang businesses and the recent acquisition of Touchsides,” the dual-listed company notes.
Steve Heilbron, head of corporate development at Lesaka, adds that this is a landmark deal for the fintech group.
Adumo Fintech Apis African Rainbow Capital Crossfin Lincoln Mali Steve Heilbron Paul Kent Dean Sparrow Matteo Stefanel Udayan Goyal Net1 UEPS Technologies
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