GreenBox announces acquisition of Transact Europe
By Megha Bhattacharya
GreenBox POS, an emerging financial technology company leveraging proprietary blockchain security to build customized payment solutions, announced it has entered into a binding MOU to purchase Transact Europe Holdings OOD. Transact Europe Holdings OOD is the single entity shareholder of Transact Europe EAD. Under the terms of the agreement, the purchase price for the transaction is €30 million in cash with the majority of management equity earnout compensation (post-acquisition) based on processing volume commitments and hurdles of $100 million, $250 million, $500 million and $1 billion of new business volume per month.
“This is the most significant acquisition to date for GreenBox and propels the Company into the European marketplace,” said Ben Errez, Chairman of GreenBox POS. “By acquiring Transact Europe, GreenBox can swiftly move to gain market share in the global financial payments space where a void has left opportunity for new market entrants to emerge and dominate. Transact Europe represents the perfect acquisition for us to expand our global footprint and continue to deliver sustainable growth for our shareholders. We are looking forward to integrating the Transact Europe team as part of the GreenBox family.“
The acquisition will allow GreenBox to expand its offerings, including merchant accounts, payment accounts, FX services and a host of other services to prospective European clients. It will also provide the company with the opportunity to offer its domestic clients expansion into Europe, greatly enhancing value for its existing and prospective U.S. based clients.
Vassil Klaklov, CEO of Transact Europe EAD, commented, “GreenBox is a natural complement to Transact Europe. Our licenses and infrastructure combined with GreenBox’s suite of solutions, global strategy and technology platform will create a power synergy that can quickly scale in the European market. We look forward to joining the GreenBox team and emerging as a leading global payment solutions company.”
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