Extract from the Seamless press release:
– “Our mobile solution SEQR already uses MeaWallet´s technology to facilitate contactless payments so we are well acquainted with the company. Their solutions, including Host Card Emulation (HCE), are technologically leading and it is a strategically crucial technology for mobile payments that we now control”, says Peter Fredell, CEO of Seamless, who continues: – “The acquisition also enables us to open a new business area where we will sell MeaWallet´s technology to institutions who want to establish themselves in the mobile payments market. Here we expect to see rapid expansion as the solutions provided by MeaWallet are crucial for mobile payments”.
About the acquisition of MeaWallet
Seamless has entered into an agreement with the shareholders of MeaWallet regarding the acquisition of shares, shareholders’ contributions and convertible debentures in MeaWallet. The board of directors has, pursuant to an authorisation granted at the 2016 annual general meeting, resolved on a share issue in kind as per below. The purchase price amounts to SEK 42,769,965 in aggregate, and the payment will be made through the issue in kind of 4,574,328 new shares in Seamless to existing holders of shares, shareholder loans and convertible debentures in MeaWallet, where 2,637,968 shares will be paid with shares in MeaWallet and 1,936,360 shares will be paid with shareholder loans and convertible debentures. The board of directors of Seamless has, on, pursuant to an authorisation granted at the 2016 annual general meeting, resolved on the issue in kind of the consideration shares.
The subscription has been established to SEK 9.35. The agreement regarding the acquisition was signed on 16 June 2016. The transaction will be closed on July 20 or such earlier date which may be agreed between the parties.
MeaWallet, incorporated in 2012, had a turnover of NOK 1 270 767 and a loss of NOK 14 403 359 during the financial year 2015. The company provides technical solutions for cloud based payment services and is a leader in the field of Host Card Emulation (HCE), a technology for issuing digital payment cards. Through the acquisition of MeaWallet, Seamless acquires important technology for the SEQR business. At the same time the acquisition opens a new business area for Seamless where the technology can be sold to institutions who want to establish themselves within the field of mobile payments.
Read the full press release on: http://mb.cision.com/Main/4815/2045234/539601.pdf
MeaWallet is a leading technology provider of a mobile wallet platform and business components, enabling secure contactless and remote mobile payment services to banks and retailers. In addition to providing the cloud-based digitization platform supporting tokenization and wallet application services, MeaWallet is a centre of excellence, with deep industry knowledge and experience within the fields of contactless payment, access, and cloud-based and mobile security.
For more information, please contact:
Lars Sandtorv, CEO MeaWallet on +47 90955111 or firstname.lastname@example.org
Peter Fredell, CEO Seamless on +46 8 564 878 00 or email@example.com