Business
Swifty Global Announces Acquisition of Business-to-Business Contracts and Technology from GLNetworks Ltd in Five Countries
Swifty Global Announces Acquisition of Business-to-Business Contracts and Technology from GLNetworks Ltd in Five Countries.
About this update from Dear Cashmere Holding Co.
[{"type":"text","content":"\n NEW YORK, NY, June 05, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Dear Cashmere Holding Company (OTC: DRCR), known as Swifty Global (Swifty), is a technology company focused on creating ground-breaking solutions in the Fintech and Sports Betting Sectors. The company is licensed in several jurisdictions globally and has launched its proprietary swipe betting Sports Predictions application, traditional Sportsbook and Casino Gaming platforms in mid 2022, following which it is now actively executing its global growth strategy.    Following impressive 2022 and first quarter of 2023 financials, Swifty has now acquired 100% of the business-to-business contracts and technology from GLNetworks Ltd (GLN) in an all-cash deal. The aligned technology significantly boosts the Swifty technology offering. It immediately allows Swifty to directly roll out its technology into five African countries which are all traditionally strong betting countries with a potential market size of 182 million users. The technology will be rolled out through prominent operators in the countries which include Zambia, Tanzania, Kenya & Uganda. It is expected that Swifty will have a payback period of six months on this investment. The operators jointly already boast an impressive list of 1.35 million active customers as well as in country licenses and routes to a wider market. This allows Swifty’s technology to obtain a rapid entry into these markets. The technology acquired from GLN is complimentary to Swifty’s technology in such a way that while Africa offers a huge potential market of 1.2 billion users, the way of operating in the region is significantly different to more developed markets, in particular around client onboarding, KYC and mobile payment methods. The acquisition of GLN’s technology allows Swifty to rapidly integrate its product offering at the front and back ends which will allow a quicker route to market on the African continent and resultant exponential growth. The technology acquisition brings with it five highly experienced staff which join the Swifty team to roll out its product offering and drive revenue growth in the African market. The five new team members bring their own unique skills and knowledge of their local markets as they join the existing thirty-five Swifty team members. Swifty also plans ...