(Alliance News) - Investment company Thalassa Holdings Ltd on Monday said it has completed the acquisition of Swiss software firm id4 AG in a stock deal worth up to CHF7 million, around USD7.1 million.
id4 specialises in the provision of software that supports the compliance of financial institutions with Know Your Client, Anti-Money Laundering regulations and client onboarding compliance obligations.
The acquisition of id4 AG through Thalassa's Swiss subsidiary, Apeiron Holdings AG, was first announced in July and was initially scheduled to be completed by the end of September. It represents Thalassa's first investment in the FinTech sector.
As a result of the deal, shareholders of id4 have received 16% of the enlarged share capital of Apeiron with a further 4% set aside for future awards.
Thalassa Chair Duncan Soukup said: "On behalf of the board, I would like to welcome the founders of id4, Sebastien Lalande and Emmanuel Nay, to Apeiron. They are seasoned professionals both of whom have worked for many years in the banking and financial services industries and who have an exceptionally strong technical proposition."
He added: "We are in no doubt that id4 will succeed in delivering advanced technological and cost-effective solutions to clients faced with an unprecedented increase in compliance and reporting obligations. I look forward to working with the id4 team and developing Apeiron's business, for which the board has great ambitions."
Shares in Thalassa were untraded on Monday afternoon in London, last quoted at 66.00 pence per share.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Thalassa (di) (THAL)