Australia-based iSignthis has acquired 100 per cent of the share capital of UAB Baltic Banking Services.
As part of the deal, UAB will merge with Paydentity, the payment identification service of iSignthis.
Initially, iSignthis will pay €150,000 to UAB for ordinary shares. There is also an earn out applied to this acquisition which will be based upon multiplier of EBIT at 31 December and is capped at €1.5m.
Lithuania-based UAB is a banking software developer offering tools for electronic payments, client onboarding, KYC, AML, product configuration, electronic document management, and reporting, among others.
The platform offers an integrated Know Your Customer questionnaire which is then used to check the client’s data in the records of unwanted persons. In addition, it automatically checks transactions and compares it with the data to identify any suspicious activity and blocks and reports cases of potential money laundering or terrorism financing.
iSignthis CEO John Karantzis said, “BBS is a high calibre, specialised provider of network and core banking services, that complements our Probanx CORE Banking, ISXPay transaction banking and Paydentity identity verification platforms.
“I welcome the BBS team, led by Raimundas Maciulevicius, into the iSignthis Group, and look forward to working closely with them to take advantage of the opportunities in Lithuania and beyond.”
iSignthis is a complete payments authentication and identity verification platform for merchants. Alongside this, the RegTech company has a payment processing and card acquiring service, enabling a secure, end-to-end payment system.
Earlier in the month, iSignthis formed an agreement to provide payment processing, clearing and settlement services in Australia for all major card schemes, including Visa and Mastercard.
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