GSTechnologies to acquire Angra Limited

GSTechnologies Ltd (LON:GST), the integrated information and communication technology infrastructure solutions provider, has announced that the Company has entered into a conditional agreement to acquire the whole of the issued share capital of Angra Limited, a UK-based foreign exchange and payment services company.

Angra, which operates under the AngraFX brand name, is a Financial Conduct Authority approved Authorised Payment Institution, conducting fast, secure and low-cost foreign exchange business and payment services internationally.  In the year ended 30 September 2020 Angra transacted business to the value of £64.0 million.

The Company is acquiring Angra from its director and sole shareholder Rodolfo Modesto Basilio.  It is GST’s intention that Rodolfo and the current management and employees of Angra will remain with the Company.

The Company will conditionally acquire 100% of the issued share capital of Angra and, in addition, the Seller will assign his £100,000 loan to Angra to the Company for a nominal consideration.  Consideration for the Acquisition is £800,000 payable in cash upon completion.  In its most recent published accounts to 30 September 2020, Angra reported gross assets of £1.7 million of which £0.47 million was cash.  For the year to 30 September 2020, Angra reported profit before tax of approximately £69,000.

Completion of the Acquisition is conditional, inter alia, on final due diligence, which is expected to be completed by GST by 31 October 2021, and also on GST obtaining approval from the FCA for the change of control of Angra, a regulated entity.  Further announcements will be made on the progress of the Acquisition in due course.

The Company stated in its recent prospectus, published on 6 September 2021, that it intended to seek an API licence in order to be able to connect to traditional banking payment systems and agent networks, operate a remittance business in the UK and grow revenues from the stablecoin network and applications that are being developed from the collaboration with Wise MPay, announced earlier this year.  Given the Company’s conditional acquisition of Angra, which is already an FCA-approved API, the Company will not now continue its own process to obtain a separate API licence as it is expected that this will not be required.

Further announcements will be made as appropriate.

Tone Goh, Chairman of GSTechnologies, commented: “We are very pleased to have reached an agreement with Angra.  The acquisition of Angra, based in London, is intended to accelerate the development of our blockchain enabled neobanking business.  Subject to the completion of our remaining due diligence, and the receipt of FCA approval, the acquisition of Angra will provide an established base on which to build our planned UK business.

“With the proceeds of our recent successful fundraising we continue to rapidly progress our fintech plans, in conjunction with our collaboration partner, Wise MPay.  I look forward to providing further updates in due course.”

Click to view all articles for the EPIC:
Or click to view the full company profile:
    Share on facebook
    Share on twitter
    Share on linkedin

    More articles like this

    Data centres to attract large funding

    Global businesses which are into data management have also announced partnerships or acquisitions to develop capacity in India Indian data centres are expected to attract large-scale private equity investments going forward with large platforms announcing their readiness to

    GSTechnologies Launch of the GS Money protocol on the Coalculus platform

    GSTechnologies Limited (LON: GST), the fintech and information technology solutions company, has today provided an update regarding the progress of the Company’s collaboration agreement with Wise MPay Pte Ltd. As announced on 28 May 2021, GST entered into a collaboration agreement

    The rise of modular data centers

    Cotton mills and iron foundries were the factories of the Industrial Age, automating and standardizing the manufacture of goods. Nowadays, it is data centers that have emerged as the factories of the Information Age, automating and standardizing the

    Data center energy delivery for a digital economy

    The data center industry has always adapted to meet the ever-increasing demand for constant connectivity, efficient delivery, and continuous uptime. High impact events, such as the COVID-19 pandemic or the California Wildfires, are becoming the new reality. Data

    Adopting a hybrid approach to security

    THE PROS AND CONS OF MANNED SECURITY GSTechnologies (LON:GST) overall development of the group includes large customer accounts and growing their blockchain payment and financial services business, with blue sky opportunities in new Disruptive Technologies with synergy to their

    The data center and cloud balance

    By simplifying the stages of data center management, organizations can address the entire lifecycle and identify opportunities for operational efficiencies that can then be incorporated into the design, which influences procurement and deployment on an ongoing basis. There

    GSTechnologies updates on proposed acquisition of Angra

    GSTechnologies Ltd (LON:GST), the fintech and information technology solutions company, has announced an update regarding the Company’s conditional agreement to acquire the whole of the issued share capital of Angra Limited, a UK-based foreign exchange and payment services company,

    5 characteristics of Data Centres in a post-pandemic world

    The recent global pandemic changed a lot for the data centre industry. An immediate increase in demand for data centre services emerged as businesses made a rapid switch to a remote work environment.  Connectivity and uninterrupted access became