Payments and identity verification technology company iSignthis Ltd has acquired 100 percent of the share capital of UAB Baltic Banking Services (BBS), the company announced today.
As per the deal, on February 28 this year, iSignthis will issue an initial payment of €75,000 and an additional payment of the same value in ordinary shares this month.
Furthermore, the payments company will provide an additional payment, based on the future performance of BBS, with a cap of €1.5 million. This payment will be dependent upon the bank’s earnings before income tax (EBIT) as of December 31, 2019.
Located in Lithuania, BBS is a registered testing partner with the Central Bank of Lithuania, which means BBS has technical access to the central bank’s CENTROLink service. This service provides payment service providers (PSPs) with a gateway, clearing and settlement mechanism to the Single Euro Payments Area (SEPA).
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According to the statement, iSignthis believes BBS’ connection with the CENTROLink service, plus the development of Lithuania’s financial sector as a result of Brexit, will be advantageous for the company.
Furthermore, the Baltic bank has developed specialized bank software, which facilitates fast connectivity to the SEPA Core and SEPA Instant networks, through its SEPA GATEWAY technology, among other solutions.
iSignthis to Integrate BBS Technology with Existing Solutions
After the acquisition, iSignthis will integrate BBS’ technology, such as its SEPA GATEWAY, with its Probanx CorePlus banking platform, ISXPay and Paydentity, to create a fully-integrated solution for its clients, which consists of foreign exchange (forex) and contracts for difference (CFD) brokers, as well as banks, emoney institutions and wallet operators.
Commenting on the acquisition, John Karantzis, the Chief Executive Officer of iSignthis said: “BBS is a high calibre, specialised provider of network and core banking services, that compliments our Probanx® CORE Banking, ISXPay® transaction banking and PaydentityTM identity verification platforms.”
“I welcome the BBS team, led by Raimundas Maciulevicius, into the iSignthis Group, and look forward to working closely with them to take advantage of the opportunities in Lithuania and beyond.”