Sophie Technologies fell more than 8 percent on Tuesday after Fintech said it was buying bank software provider Techniques for $ 1.1 billion.
Technisys shareholders receive about 84 million shares of SoFi, which is less than 10% of Sophie’s total acquisition. The transaction is expected to close in the second quarter, Sophie said in a statement.
“Techniques has built an attractive and fast-growing business with unique and critical strategic technology,” Sophie CEO Anthony Notto said in a statement.
By midday, SoFi shares were down $ 10.47, 92 cents, or 8.1 percent.
A.D. Founded in 1995, Technisis is a banking technology company that helps lenders digital. It has 60 customers, including Miami Fintech
(HBC), Rellevate and TAB Bank. It employs about 1,300 people and has raised $ 64 million in 2019, including a $ 50 million C round trip from Riverwood Capital.
It operates as a separate company under the Sophie umbrella from the technicians sold to Sophie. Miguel Santos, Founder and CEO of Technisys, will continue to run the business. Sophie Fentek Cloud service provider Galileo CEO Derek White reports, Investor presentation.
Technisys announced last year the latest acquisition of Sophie Online Private Finance Company, a private acquisition from Social Capital Hedophia Holdings Corporation V, Venture Capitalist Chatham Palihapitia. Earlier this month, SoFi was shut down by Sacramento Community Bank, which owns nearly $ 150 million, when it buys Golden Pacific Bankcope. A.D. In 2020, SoFi raised’s $ 1.2 billion acquisition of financial interface software provider Galileo Financial Technologies.
Technical Purchase It is expected to generate an additional $ 500 million to $ 800 million by 2025.
Purchasing Sophie Techniques is the second important step in the Fintech deal this week.
Global Management (APO) held special talks on Monday
‘s terminals, solutions and service point-of-sale terminal trade at 3 2.3 billion ($ 2.6 billion).
The Wall Street Journal, which first reported the deal, reports that TSS Business Line provides hardware that allows consumers to make purchases using their cell phones and payment cards.
French payment company Worldline began strategic evaluation of its payment terminal in February 2020 after agreeing to buy rival Ineniko for 8 7.8 billion. In October 2021, Worldline decided to move the business and had been in the sales process for several months, according to CEO Gills Grapinnet.
The planned sale will allow Worldline to focus on its core operations in digital payments and reduce its debt.
At noon on Tuesday, Apollo shares traded at $ 63.25, down 1.4 percent.
As of December 31, Apollo, the world’s richest man, was in control of $ 498 billion. It is paying 7 1.7 billion ahead, and could cost ሚሊዮን 900 million depending on the future performance of the TSS. He said.
The transaction still requires the parties to sign a final and final agreement, but will close in the second half of this year, the statement said.
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