New Investors Join ParagonEx, MICT and Brookfield Merger
- Moving into software development, Micronet will also remain a part of the company that emerges from the merger
The ParagonEx merger with NASDAQ-listed MICT took a positive turn this Thursday, with a new set of investors now taking part in the deal.
As Finance Magnatesreported back in January, ParagonEx, a Technology Provider Technology Provider A technology provider is an individual, company, or entity that creates, render services and sells software applications or hardware. Currently, there are four types of tech providers which are as followed:Software-as-a-Service (SaaS) – Functioning as a subscription-based licensing and delivery model, SaaS is centrally hosted and may also be referred to as on-demand software. Tech Hardware – Powerful tech providers such as Apple, Oculus Rift, FitBit, and Samsung are examples of tech hardware pro A technology provider is an individual, company, or entity that creates, render services and sells software applications or hardware. Currently, there are four types of tech providers which are as followed:Software-as-a-Service (SaaS) – Functioning as a subscription-based licensing and delivery model, SaaS is centrally hosted and may also be referred to as on-demand software. Tech Hardware – Powerful tech providers such as Apple, Oculus Rift, FitBit, and Samsung are examples of tech hardware pro Read this Term to the retail trading industry, and Chinese firm Brookfield Interactive Hong Kong (Brookfield) are attempting to perform a reverse takeover of MICT - a technology company listed on NASDAQ.
Once that deal is completed, the firms are going to merge and form a new Hong Kong-based company called Global Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term Holdings.
As a part of the various dealings that would have to be made to ensure the merger can take place, one of Brookfield’s own subsidiaries - BNN - was supposed to acquire up to 20 percent of MICT.
Fresh investment
But now a new set of investors are taking part in the deal, changing the terms of BNN’s acquisition.
Named only as “strategic investors,” they are putting $7 million into the company in return for a set of convertible preferred shares.
BNN is not out of the picture, however, as it is putting $2 million into MICT in the form of a convertible loan. According to a statement released by MICT, that number could, if required, rise to $3 million.
It’s unclear as to exactly who the new investors are. But one person with some knowledge of the deal said they are likely to bring huge added value to Global Fintech Holdings.
“It would be like a technology company getting $1 million in investment,” said the source. “If you get $1 million from a very knowledgeable investor that’s amazing. But if you get $500,000 from that investor and another $500,000 from Google or Facebook then it’s even better.”
Product switch
Along with the new investors, the merger will not see Micronet, MICT’s main subsidiary, remaining a part of the newly formed Global Fintech Holdings.
A supplier of telecommunication technology, Global Fintech Holdings had planned to sell Micronet.
But in its statement, MICT said that Micronet would remain a part of the future Global Fintech Holdings group. The firm is transitioning into building new sets of products, notably software applications, that would be more in line with Global Fintech Holdings' business strategy.
The ParagonEx merger with NASDAQ-listed MICT took a positive turn this Thursday, with a new set of investors now taking part in the deal.
As Finance Magnatesreported back in January, ParagonEx, a Technology Provider Technology Provider A technology provider is an individual, company, or entity that creates, render services and sells software applications or hardware. Currently, there are four types of tech providers which are as followed:Software-as-a-Service (SaaS) – Functioning as a subscription-based licensing and delivery model, SaaS is centrally hosted and may also be referred to as on-demand software. Tech Hardware – Powerful tech providers such as Apple, Oculus Rift, FitBit, and Samsung are examples of tech hardware pro A technology provider is an individual, company, or entity that creates, render services and sells software applications or hardware. Currently, there are four types of tech providers which are as followed:Software-as-a-Service (SaaS) – Functioning as a subscription-based licensing and delivery model, SaaS is centrally hosted and may also be referred to as on-demand software. Tech Hardware – Powerful tech providers such as Apple, Oculus Rift, FitBit, and Samsung are examples of tech hardware pro Read this Term to the retail trading industry, and Chinese firm Brookfield Interactive Hong Kong (Brookfield) are attempting to perform a reverse takeover of MICT - a technology company listed on NASDAQ.
Once that deal is completed, the firms are going to merge and form a new Hong Kong-based company called Global Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term Holdings.
As a part of the various dealings that would have to be made to ensure the merger can take place, one of Brookfield’s own subsidiaries - BNN - was supposed to acquire up to 20 percent of MICT.
Fresh investment
But now a new set of investors are taking part in the deal, changing the terms of BNN’s acquisition.
Named only as “strategic investors,” they are putting $7 million into the company in return for a set of convertible preferred shares.
BNN is not out of the picture, however, as it is putting $2 million into MICT in the form of a convertible loan. According to a statement released by MICT, that number could, if required, rise to $3 million.
It’s unclear as to exactly who the new investors are. But one person with some knowledge of the deal said they are likely to bring huge added value to Global Fintech Holdings.
“It would be like a technology company getting $1 million in investment,” said the source. “If you get $1 million from a very knowledgeable investor that’s amazing. But if you get $500,000 from that investor and another $500,000 from Google or Facebook then it’s even better.”
Product switch
Along with the new investors, the merger will not see Micronet, MICT’s main subsidiary, remaining a part of the newly formed Global Fintech Holdings.
A supplier of telecommunication technology, Global Fintech Holdings had planned to sell Micronet.
But in its statement, MICT said that Micronet would remain a part of the future Global Fintech Holdings group. The firm is transitioning into building new sets of products, notably software applications, that would be more in line with Global Fintech Holdings' business strategy.