Vipera acquires SoftTelecom for $1.5m
Mobile financial services company Vipera is acquiring SoftTelecom, writes Finovate, Banking Technology‘s sister company. The deal is expected to close for $1.5 million (€1.3 million).
Madrid-based SoftTelecom is a fintech and telecom software solutions company focused on open source technologies, including PSD2 and blockchain development projects.
The company has 18 employees who serve clients in Madrid, the Netherlands, and the UK. In 2016, SoftTelecom had an operating profit of $289,000 (€247,000) and recorded net assets of $856,000 (€734,000).
Vipera’s primary goal with the acquisition is to bolster product development. Specifically, the company sees SoftTelecom as a “launchpad for expanding group sales into the Spanish market with a local delivery capability in the Iberian region”.
London-based Vipera offers its Motif platform to clients in Asia, the Middle East and Europe. Motif is comprised of three personal banking products: mobile banking, mobile payments and mobile card control.
The company’s chief commercial officer, Simon Pearce, says the real-time contextual offers engine “can be used by banks and merchants to deliver appropriate offers right into the handset of the user with a reward or offer appropriate to them at the right time, but most importantly, in the right place”.
Vipers has also announced that Sella Bank Group has subscribed $2.9 million (€2.5 million) for 40 million shares in Vipera at a price of just over seven cents per share.
Last month, the company partnered with core banking provider Mambu and in April it won its largest contract to-date, worth $2.4 million in revenue.
Vipera was founded in 2005. Marco Casartelli is CEO.
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