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).
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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