Business
Thalassa subsidiary initial FinTech acquisition
Thalassa subsidiary initial FinTech acquisition.
About this update from Thalassa Holdings Ltd
[{"type":"text","content":"\n \nRNS Number : 2594H Thalassa Holdings Limited 31 July 2019 \n\nThalassa Holdings Ltd\n(Reuters: THAL.L, Bloomberg: THAL:LN)\n(\"Thalassa\", \"THAL\" or the \"Company\")\nThalassa subsidiary initial FinTech acquisition\nThis announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.\nThe board of Thalassa (the \"Board\") is delighted to announce its maiden FinTech investment in line with its stated investment policy. The Company's wholly owned Swiss subsidiary, Apeiron Holdings A.G. (\"Apeiron\"), has exchanged a contract, which is expected to complete by the end of September 2019, for the acquisition of id4 A.G. (\"id4\"), a RegTech[1] company registered in the Swiss Canton of Luzern. \nid4 has developed technology, which it is starting to commercialise, to assist financial institutions and other regulated entities to comply, in particular, with Know Your Client, Anti-Money Laundering and client onboarding compliance obligations. \nThe id4 opportunity was sourced and managed by Apeiron's recently appointed CFO, Rémy Schimmel, following an introduction by Luzern Business (www.luzern-business.ch), the business development office for the Canton of Luzern. Prior to joining Apeiron, Rémy was CFO of Coutts Private Bank, Zürich and most recently CFO of Cembra Money Bank, Zürich. Mr Schimmel joined Apeiron in April 2019. \nThe acquisition of id4 will be made on a share for share basis, which will result in the shareholders of id4 owning a maximum of 20% of Apeiron at closing. id4 will be valued at up to CHF7 million (c$7.07 million) and Apeiron at up to CHF35 million (c.$35.35 million). The exact valuation attributable to id4 will depend upon the treatment of the acquisition by the Swiss Tax authorities, which, if required, is expected to be known in early September (\"Swiss Tax Ruling\"). The final valuation will not affect Thalassa's post transaction ownership of 80% of Apeiron.\nIt is anticipated that the acquisition of id4, which is subject to execution and registration of transaction documents and conclusion of any necessary Swiss Tax Ruling, will complete by the end of September 2019. The Company will make further announcements in due course. \nDuncan Soukup, chairman of Thalassa said: \"The founders of id4 are seasoned professionals all of whom have work...