(Alliance News) - GSTechnologies Ltd on Wednesday said it signed an option to purchase agreement to acquire a majority stake in Belfast-based cross-border payments business EasySend Ltd.
Tone Goh, chair of the Milton Keynes, England-based information technology solutions company said the acquisition for an undisclosed figure "will provide additional customers and technology to assist with the growth of our Angra Global business. We continue to rapidly progress the role out of our GS Money offerings and I look forward to providing further updates in due course."
EasySend has a current estimated yearly transaction volume of around EUR120 million, with 35% coming from about 40,000 individual customers and 65% from around 350 active corporate businesses.
"It is intended that EasySend's founder and management team will remain with the business and that the 40% minority holding will be retained by EasySend's founder," GSTechnologies explained.
GSTechnologies shares were 0.7% higher at 1.33 pence each on Wednesday morning in London.
By Tom Budszus, Alliance News slot editor
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Gstechnologies (GST)