LONDON, UK: GSTechnologies Limited (LSE: GST) has entered into an option to purchase agreement to acquire 60% of the share capital of EasySend Ltd, a Northern Ireland incorporated company operating a cross-border payments business.

EasySend is a Financial Conduct Authority (FCA) approved Authorised Payment Institution (API), conducting cross-border payment services. 

EasySend has a current estimated yearly transaction volume of approximately €120 million, with 35% coming from approximately 40,000 individual customers and 65% from approximately 350 active corporate customers. 

GSTechnologies believes the acquisition of a majority stake in EasySend would assist with growing the customer base for the Company’s existing GS Money activities, in particular Angra Global, and provide access to additional technology, including EasySend’s mobile terminal technology. 

It is intended that EasySend’s founder and management team will remain with the business and that the 40% minority holding will be retained by EasySend’s founder.

Completion of the acquisition is conditional, inter alia, on final due diligence, the entering into of definitive sale and purchase documentation and also on GST obtaining approval from the FCA for the change of control of EasySend, a regulated entity. 

Tone Goh, Chairman of GST, Chairman of GST, commented: “We are very pleased to have reached an agreement with EasySend to acquire a majority stake in the business.  Subject to the completion of our remaining due diligence, and the receipt of FCA approval, this acquisition will provide additional customers and technology to assist with the growth of our Angra Global business.  We continue to rapidly progress the role out of our GS Money offerings and I look forward to providing further updates in due course.”