Source: E-pay Asia Limited
e-pay Asia Limited (the Company) today announced that it has acquired 100% ownership in Mobiepay LLC, a leading specialist provider of electronic payments solutions, systems and services to the mobile telecommunications industry.
The total consideration for the acquisition is US$2 million of which US$100,000 is payable in cash and the balance in 6.3 million e-pay Asia shares that are subject to escrow until the completion of certain client engagements and milestones.
Mobiepay's core assets include an electronic mobile top up system that supports Chinese characters, unlimited multi-level sales channels, and a micro-payment platform that enables secure financial transactions between mobile users via SMS in multiple currencies.
e-pay Asia will benefit immediately from Mobiepay's expertise and technologies, which will underpin the Company's expansion into new markets such as China. In addition, Mobiepay will enhance the group's earnings and revenue streams.
"Mobiepay's business has tremendous synergies with our business and its technologies will increase our value proposition to mobile operators. In addition, it provides e-pay Asia with additional resources to address the significant demand for our services in new markets," said Simon Loh, Managing director of e-pay Asia.