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Otis Energy makes acquisition in tech sector

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Otis Energy (ASX:OTE) has executed a binding term sheet to acquire 100% of online identification and payment authentication provider, iSignthis.

iSignthis is an Australian-based company which has been granted USA, European, South African and Australian patents that enhance online payment security, internet identity, e-mandates and e-contract validation services, to safeguard eCommerce operators.

The technology is also designed to assist Anti Money Laundering (AML) and Counter Terrorism Funding obligated entities meet compliance requirements.

The company has patents pending in several other key jurisdictions, including China, Hong Kong, South Korea, Canada, Brazil and India.

The company offers a global, scalable and fully remote evidence of identity and transaction authentication system to assist clients with meeting Know Your Customer (KYC) and AML requirements and payment authentication.

The ‘Over the Top’ service operator is designed to leverage existing payment networks and customer due diligence performed by banks and debit/credit card account issuers from over 30 card schemes in over 190 countries and 3 billion customer accounts.

The technology is applicable to all KYC obligated entities, including payment service providers, banks, loan providers, stock brokers, eMerchants, eCasino, eGaming, eWagering, insurers, currency exchanges and regulated crypto-currency exchanges.

Notably, iSignthis has existing contracts with two European payment service providers, including eMerchantPay which currently operates in over 40 countries.

Otis will undertake a consolidation of securities on a basis of 66.67:1, equivalent to $0.003 per share, and a capital raising to raise $2.4 million, fully underwritten by Cygnet Capital.

Otis also intends to sell all remaining oil and gas assets prior to completion of the acquisition of iSignthis.

Consideration for the acquisition is 44,750,000 consolidated Otis shares to the shareholders of iSignthis, in addition to 50,500,000 performance shares based on achievement of certain milestones.


Chapters 1 & 2

Completion of the transaction will be subject to various conditions precedent, including satisfaction of due diligence, and re-compliance with Chapters 1 & 2 of the ASX Listing Rules.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Quick facts: iSignthis Ltd

Price: 1.07 AUD

ASX:ISX
Market: ASX
Market Cap: $1.17 billion
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