MONTRÉAL: ZeU Technologies Inc. has executed the definitive agreement to acquire all of the issued and outstanding shares of Prego International Group AS, through ZeUPay Corp., a wholly-owned subsidiary of ZeU Technologies for a total consideration of CDN $8.125 million.
Prego brings a highly complementary product portfolio and customer base to ZeU’s business. With sales projected to reach accumulated revenues in excess of ZeU’s current market capitalization over the coming 36 months.
Prego also brings immediate revenues to facilitate the integration and pursuit of opportunities in the next-generation of encrypted and distributed networks, which are among the fastest growing segments in global payment solutions.
Prego’s product range will significantly add to ZeU’s offerings. Prego’s products financially support workers, refugees, and migrants globally. The portfolio includes payroll solutions, business-client payment solutions, global remittance, and payment concepts for employers of foreign labor, government organizations, and humanitarian organizations.
“This acquisition enhances our synergies, providing significant opportunities to advance innovation, improve outcomes, and reach more users,” said Frank Dumas, President and Chief Executive Officer, ZeU Technologies Inc.
“Prego has built a successful business model, and we look forward to welcoming their team to the ZeU family.”
“We believe this transaction will provide truly unique opportunities and will create significant value for our shareholders, customers, and employees,” said Ronald Eriksen, President & Chairman of Prego International Group.
“By merging our complementary strengths and collective resources, we will be able to advance our joint technologies with a team that shares our vision of delivering breakthrough and innovative payment solutions to improve outcomes to the estimated 1.7 billion people worldwide who lack access to formal financial and banking services.”
The closing of the Transaction is subject to receipt of applicable regulatory approvals, the adoption of certain board resolutions relating to the Transaction and other customary closing conditions.
The acquisition of Prego is expected to be regulatory closed on or before February 17, 2021. Upon closing, Prego will be wholly owned by ZeUPay.
ZeU is a forward-thinking Canadian technology company that has developed a state-of-the-art blockchain protocol, providing the foundation for the next generation of encrypted and distributed networks.
ZeU’s technology maximizes transparency, security and scalability as well as big data management. ZeU’s strategy is to monetize blockchain transactions in diverse sectors such as payment, gaming, data, and healthcare.