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NEWS
Lesaka completes the acquisition of Adumo, cementing its position as the leading independent fintech in Southern Africa
JOHANNESBURG, Oct. 02, 2024 (GLOBE NEWSWIRE) -- Lesaka Technologies, Inc. ("Lesaka" or the "Company") (NASDAQ:LSAK, JSE: LSK))) today announced it has completed its acquisition of Adumo RF (Pty) Ltd ("Adumo"). The transaction was settled through the issuance of 17,279,803 shares of Lesaka's common stock and a cash payment ZAR 232.2 million ($13.4 million), implying a total purchase consideration of ZAR 1.67 billion ($96.2 million) using Lesaka's October 1, 2024, closing price on the Johannesburg Stock Exchange of ZAR 83.05 per share. All amounts in this release have been translated to U.S. dollars at the October 1, 2024, closing exchange rate of $1: ZAR 17.34.
The acquisition of Adumo, South Africa's largest independent payments processor with over 20 years' experience in payment solutions, reinforces Lesaka's position as natural consolidator of Southern African fintech. The acquisition enhances the Company's strengths in both its consumer and merchant markets and follows the successful integration of the Connect and Kazang businesses and the recent acquisition of Touchsides.
The acquisition of Adumo, South Africa's largest independent payments processor with over 20 years' experience in payment solutions, reinforces Lesaka's position as natural consolidator of Southern African fintech. The acquisition enhances the Company's strengths in both its consumer and merchant markets and follows the successful integration of the Connect and Kazang businesses and the recent acquisition of Touchsides.
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