LONDON (Alliance News) - Lottery and e-commerce operator St James House PLC said Thursday it had acquired loss-making early-stage prepaid payment card provider Another Ops Ltd for GBP5.00.
St James will buy the whole of the share capital in Another - which consists of 350,000 shares at GBP1 each - for GBP5.00. Another already has an existing relationship with St James which means it had net liabilities owed to St James of GBP140,000.
The seller and Another Chief Executive Officer Christian Russell will remain in post after the acquisition.
St James emphasised that the firm is an early stage business engaged in product and service development since it was formed in 2017.
For the year ended July 2018, the firm generated losses of GBP258,615 on sales of GBP108,497. During the six months ended January, the firm has revealed losses of GBP155,519 on sales of GBP126,784.
"The acquisition of Another brings about the launch of a raft of services that compliment Market Access' existing services and will expedite the launch of planned services such as pre-paid card issuing linked to wallet balances, online multicurrency accounts and the development of the next generation of payment solutions including single and multiple use virtual cards, alternative payment methods and peer to peer payments," St James Chief Executive Officer Graeme Paton said.
"This transaction also expands our pool of acquiring partners and delivers greater purchasing power making us more competitive", Paton added.
Shares in St James were untraded at 25.25 pence on Thursday.