Electronic payment solutions developer Spenda (ASX:SPX) has completed the acquisition of Limepay trading as April Solutions.
All conditions precedent in respect to the acquisition have been satisfied and Spenda has issued the following ordinary shares to Limepay shareholders in accordance with the Share Sale Agreement (SSA):
- Tranche 1: The issue of 204,958,678 shares at an issue price of $0.0121; and
- Tranche 2: The issue of 59,504,132 shares at an issue price of $0.0121, as Limepay has confirmed receipt of its FY24 Research and Development rebate of $766,000
Tranche 3 and Tranche 4 Deferred Consideration Shares will only be payable if Limepay achieve the revenue performance milestones per the SSA.
The enlarged group has already experienced early success in acquiring new business with the recently announced two-year exclusive agreement with Lessn to process all payment volumes.
With additional joint initiatives in the pipeline, the Board and Executive Leadership Team (ELT) expect this trend to continue as the integration of the products and services roll out into one seamless product offering.
Combining the teams, the company expects faster release cycles of new products and features, which will result in payment volumes continuing to grow and further take-up in the credit facilities to more customers.
Limepay’s Chief Executive Officer, Andy Britz, has moved into the role of Chief Technology Officer and will join Spenda’s ELT. Furthermore, both businesses have moved into new offices in Sydney and will commence rebranding Limepay to Spenda.
“This is an exciting day for everyone involved. The Limepay technology is expanding Spenda’s addressable market. Since announcing the Limepay acquisition, both businesses have substantially increased their total payment processing volume and contracted revenue,” Managing Director, Adrian Floate, said.
“I am pleased that the collaboration between the sales teams has proven to be so fruitful in such a short space of time and know that the future holds much more opportunities for us to capitalise on.”
