The entire team of Appreciate, including executives, has joined PayPoint.
Retail payments firm PayPoint (LON: PAY) has completed an £83 million acquisition of Appreciate Group, a gifting and engagement platform. Announced on Thursday, PayPoint acquired the entire issued share capital of Appreciate Group.
PayPoints Completes Appreciate Group Acquisition
The completion came after the board of the two companies agreed to the deal in November. As a part of the deal, the entire team at Appreciate Group joined PayPoint. Julian Coghlan, the former Interim CEO of the Appreciate Group, has joined the Executive Board of PayPoint and will continue to head Appreciate as its Managing Director.
"Work on integration is already underway, with an immediate focus on organizational alignment, building on the strong momentum in both businesses and unlocking commercial revenue enhancements," said the CEO of PayPoint, Nick Wiles.
The acquisition came after PayPoint sold its Romanian operations in 2020 for around £47 million on a debt-free cash-free basis. At that time, the company highlighted its priorities in the key UK market and even revealed plans to use the proceeds for acquisitions within the UK.
A Strategic Acquisition
The latest deal was very strategic for PayPoint. Appreciate Group's offerings and its brand partners will provide PayPoint with "significant headroom for growth" in the consumer and corporate gifting markets within the United Kingdom.
"The acquisition is expected to be immediately earnings enhancing in FY24, and the Board believes it will deliver attractive returns for shareholders, with the enlarged Group targeting further growth in three broad areas: prepayment saving through Park Christmas Savings to support customers with budgeting tools for Christmas and other events; an enlarged full-service offering for gifting, employee rewards and benefits to Appreciate Group's corporate clients; and an extended consumer gifting network for the Love2shop brand," Wiles added.
Despite the possibilities in business, PayPoint shares failed to recover from the continued downward momentum in the past six months. The stock lost almost 24 percent during that period.
Meanwhile, PayPoint applied for the admission of its shares into a premium listing segment of the Financial Conduct Authority's official list and to trade on the main market of the London Stock Exchange.
Retail payments firm PayPoint (LON: PAY) has completed an £83 million acquisition of Appreciate Group, a gifting and engagement platform. Announced on Thursday, PayPoint acquired the entire issued share capital of Appreciate Group.
PayPoints Completes Appreciate Group Acquisition
The completion came after the board of the two companies agreed to the deal in November. As a part of the deal, the entire team at Appreciate Group joined PayPoint. Julian Coghlan, the former Interim CEO of the Appreciate Group, has joined the Executive Board of PayPoint and will continue to head Appreciate as its Managing Director.
"Work on integration is already underway, with an immediate focus on organizational alignment, building on the strong momentum in both businesses and unlocking commercial revenue enhancements," said the CEO of PayPoint, Nick Wiles.
The acquisition came after PayPoint sold its Romanian operations in 2020 for around £47 million on a debt-free cash-free basis. At that time, the company highlighted its priorities in the key UK market and even revealed plans to use the proceeds for acquisitions within the UK.
A Strategic Acquisition
The latest deal was very strategic for PayPoint. Appreciate Group's offerings and its brand partners will provide PayPoint with "significant headroom for growth" in the consumer and corporate gifting markets within the United Kingdom.
"The acquisition is expected to be immediately earnings enhancing in FY24, and the Board believes it will deliver attractive returns for shareholders, with the enlarged Group targeting further growth in three broad areas: prepayment saving through Park Christmas Savings to support customers with budgeting tools for Christmas and other events; an enlarged full-service offering for gifting, employee rewards and benefits to Appreciate Group's corporate clients; and an extended consumer gifting network for the Love2shop brand," Wiles added.
Despite the possibilities in business, PayPoint shares failed to recover from the continued downward momentum in the past six months. The stock lost almost 24 percent during that period.
Meanwhile, PayPoint applied for the admission of its shares into a premium listing segment of the Financial Conduct Authority's official list and to trade on the main market of the London Stock Exchange.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
A Financial Tug-of-War Between Responsibility and Reward
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa