Splitit Secures US$50 Million Investment to Drive Growth, Backed by Motive Partners
Splitit Payments Limited (ASX:SPT), a leading global payment solutions provider, has announced a definitive agreement for a strategic investment of up to US$50 million from Motive Partners, a global private equity firm focused on financial technology. The investment aims to accelerate Splitit's growth and support the execution of its strategic plan.
Boosting Growth and Execution of Strategic Plan
Splitit has successfully secured a significant investment of up to US$50 million from funds advised by Motive Partners. The investment will be made in two tranches of US$25 million each, in exchange for the issuance of new preference shares. The first tranche will be invested immediately upon shareholder approval of the proposed delisting of Splitit from ASX and the redomicile of the company from Israel to the Cayman Islands. The second tranche will be invested based on Splitit achieving certain financial performance milestones for the full-year 2023 and meeting customary closing conditions.
Creating Long-Term Shareholder Value
After a thorough review of strategic alternatives, Splitit's Board unanimously concluded that the Proposed Transaction with Motive Partners is the optimal opportunity for creating long-term shareholder value.
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The investment provides Splitit with access to significant growth capital, allowing the company to strengthen its capital position and attract large clients, develop strategic partnerships, and invest in its innovative white-label technology platform.
Partnering with a Leading Financial Sponsor
Motive Partners, known for its expertise in financial technology, brings invaluable experience and resources to the partnership. As a top-tier financial sponsor, Motive has a strong track record of investing in market-leading companies and enhancing value creation through its technology innovation capabilities, accomplished industry talent, and extensive network in the global financial services industry.
Unlocking Hidden Potential
The Board recognises that Splitit is undervalued as a listed company on the ASX. This undervaluation is primarily attributed to the lack of liquidity and the underappreciation of Splitit's unique value proposition and future prospects. The investment from Motive Partners will help showcase the true value of Splitit and its differentiated payment solutions.
Forward Momentum
With the support of Motive Partners, Splitit is poised to accelerate its growth and solidify its position as a global leader in payment solutions. The investment will enable Splitit to capitalize on market opportunities, expand its client base, and further enhance its innovative technology offerings.
About Splitit Payments Limited
Splitit Payments Limited is a global payment solutions provider that enables consumers to make purchases with interest-free installment plans using their existing credit cards. The company's innovative technology platform revolutionizes the way people pay, providing greater flexibility and affordability for consumers and businesses worldwide.
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