Acquisitions

Roqqett Ltd

Acquired: 9 January 2023

Consideration: an initial sum of £1,000,000 followed by one deferred payment of £250,000 once the R&D claim for 2022 has been received from HMRC; one payment of £500,000 in cash when certain capabilities are added to the Equals platform; and a third payment, to be settled by the issue of 573,197 shares when additional capabilities are added to the Equals Platform, All elements of deferred consideration are expected to be settled within one calendar year

Reason for acquisition: acquisition of an open-banking platform

Casco Financial Services Limited

Acquired: 19 November 2019

Consideration: an initial sum of £1,725,000 plus a maximum deferred consideration of £2,000,000 on the achievement of certain performance measures

Reason for acquisition: broadens the Corporate International Payments business of the group and accesses a B2B infrastructure platform.

Hermex International Limited

Acquired: 8 August 2019

Consideration: £2,000,000

Reason for acquisition: HermexFX offers international payment services to a predominantly corporate client base through a personalised service offering.

City Forex Limited

Acquired: 20 February 2018

Consideration: £6,000,000 + working capital adjustments of £3,216,552

Reason for acquisition: extracting increasing economies of scale whilst adding product innovation and the acquisition of an enhanced deal recording platform 

Spectrum Financial Group Limited

Acquired: 25 August 2017

Consideration: £15,000,000 through £12,817,501 in cash and the balance through the issue of 3,762,930 shares

Reason for acquisition: to move into banking market, primarily through its ownership of CardOneBanking

Q-Money Limited

Acquired: 19 January 2017

Consideration: an initial sum of £425,000 plus maximum deferred consideration of £825,000 on the achievement of certain performance milestones

Reason for acquisition: e-Money licence allowing the group to launch a card via Mastercard Prepaid issuing licence and to enhance the Group's payment infrastructure through direct membership of other payments networks