2nd Dec 2015 09:47
LONDON (Alliance News) - Payments and lottery company Boxhill Technologies PLC on Wednesday said it has proposed the acquisition of Emex (UK) Group Ltd and FreePayMaster Ltd in an all-share deal, adding the agreement will further delay the roll-out of its casino cash machines.
Boxhill said it will acquire Emex and FreePayMaster, the latter an associated company of the first, via the issue of 400.0 million shares. Boxhill shares were trading up 10% to 0.43 pence on Wednesday, giving the transaction a value of GBP1.7 million at that share price.
Emex has developed software for use in peer-to-peer payments, money transfer and trade services and is already a supplier to Boxhill's payments business. It has offices in Ayr in Scotland and in Malta, and Boxhill is establishing legal entities in Malta, which it described as a "particularly supportive environment" for the financial technology and gaming businesses.
The acquisition of the business will mean the roll out of Boxhill's casino cash machines will be delayed once more, though it said the FreePayMaster unit will directly support the back end and escrow management feature of the casino cash products, so should expedite the roll-out of the systems in the future.
"The proposed acquisition of Emex, with whom we already work closely, brings both immediate savings (as they are a supplier, Boxhill fees are their revenues) and broadens our offer as an emerging player in the payment software, or FinTech market," said Phil Jackson, Boxhill's chief executive, in a statement.
Boxhill also said its results for the year to the end of July 2015 will be published in the first week of January, later than initially planned due to the new developments.
By Sam Unsted; [email protected]; @SamUAtAlliance
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