OVT exits BNPL and cost cuts

Summary by 6ix AI

Ovanti Ltd has announced its strategic decision to exit the buy now, pay later (BNPL) sector globally, focusing instead on its iSentric operations. This move follows a comprehensive review of the company's performance and aims to realize significant cost reductions while prioritizing immediate revenue-generating opportunities. Additionally, the company is preparing to initiate formal legal proceedings against its former U.S. BNPL CEO, Peter Maher, to recover losses associated with that business. The announcement marks a significant shift for Ovanti as it seeks to concentrate on its established revenue-producing platform in Southeast Asia.

Written by 6ix AI from the company’s filing. How 6ix writes summaries