Business
Acquisition
Acquisition.
About this update from Dp Poland Plc
[{"type":"text","content":"\n \n\nDigital Payments PLC\n\nSummary: Digital Payments PLC is extending its global processing footprint by joining forces with the\nMuscato Group Inc. to build the entire vertical chain of services ranging from provision of free\nmiddleware to its clients, to issuing, processing and acquiring for on-line and real time card\nbusinesses and transactions.\n\nAcquisition of Muscato Group Inc\n\nThe Board of Digital Payments Plc (\"Digital Payments\" or the \"Company\"), the GXG Main Quote investing\ncompany focusing on investment and acquisition opportunities in payment transaction and message\nprocessing services is pleased to announce that it has acquired 100% of the issued share capital of\nMuscato Group Inc. (\"MGI\") a USA, Florida based company (the \"Acquisition\"), which includes M2 Payment\nSolutions Inc. (\"M2\") and all of its affiliates.\n\nMGI and M2 provide financial institutions, companies, and government agencies in the United States,\nLatin America and Europe with the technology, transaction processing and infrastructure needed to\nlaunch innovative payment products and services.\n\nIndicative figures arising from due diligence indicate that in the year ended December 2013 the\ncompanies subject to the Acquisition recorded revenues of approximately USD 2m.\n\nThe Acquisition enables Digital Payments PLC to complete another step in their stated ambition of\nbeing a global vertically-integrated payment company with worldwide processing capability.\n\nM2 Payment Solutions will continue to operate under its current brand and business structure; adding\nmore functionality and resources to build on its global market presence. Digital Payments PLC will\nenable M2 to increase its investment in technology, infrastructure, payment and global expansion. Over\nthe past 12 months M2 has released new products in both multi-currency and loyalty management and\nexpects to continue the path of new market products and services to deliver to its customer base.\n\nThe consideration for the Acquisition is USD 14.6 million, which is to be satisfied by the payment of\nUSD 4,600,000 in cash to the two shareholders in MGI and the allotment and issue, credited as fully\npaid, of 118,694,362 new ordinary shares of 1p each in the Company at an effective price per share of\n5 pence (together the \"Consideration Shares\"). The Consideration Sh...