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2021-11-03

Acquisition of Kazang Zambia finalized

When trading of SPENN Technology A/S resumes on Nasdaq on 4 November, the acquisition of 60 per cent of Kazang Zambia Limited is imminently finalized. The acquisition makes SPENN the largest cash in/out distributer in Zambia and adds an estimated DKK 170 million in 2022 topline revenue to SPENN Technology.

Company Announcement No 66

SPENN Technology will issue 10,498,582 new shares related to the acquisition of Kazang Zambia, diluting existing owners by 0.44 per cent. Following the transaction, the new total of shares in SPENN Technology is 2,401,379,431. The market will be informed when the share capital is registered.

The acquisition of Kazang Zambia was made through a combination of cash and equity. The majority is through equity, based on a valuation of SPENN Technology at DKK 2.16 per share.

The transaction was subject to Nasdaq’s approval of SPENN Technology’s change of identity and resumed trade of the SPENN share on the stock exchange (as described in Company Announcement No 62 on 29 September 2021).

“Kazang significantly increases our presence on the streets of Zambia, adding more than 10,000 active agents and hardware terminals throughout the country. As a result, SPENN will become the biggest cash in/out distributer in Zambia,” says Jens Glaso, CEO of SPENN Technology.

The completion of the strategic acquisition of the majority stake in Kazang Zambia Limited will also provide the SPENN Technology A/S Group with:

  • Growth in topline revenue of more than DKK 170 million in 2022 through consolidation of Kazang Zambia into the SPENN Technology Group, additionally boosted by the operational synergies between the companies.
  • An opportunity to adopt Kazang Zambia’s innovative product solutions, such as its patented point-of-sale machines, into SPENN’s existing markets. 
  • Enable SPENN to sell additional value-added services via third parties that Kazang Zambia holds existing commercial agreements with. 
  • Access to Kazang Zambia’s acquired knowledge of how to build large, sustainable distribution network as SPENN seeks to become the largest cash-in/cash-out distributer in all operational markets.
  • Leverage advanced customer support technology utilized by Kazang Zambia to enhance support provided to SPENN users and agents.

Kazang Zambia Limited reported USD 21 million in revenue in 2020. The company processes more than 100,000 transactions per day and is currently growing at a rate of 500 agents per month.

“Following a thorough process, we are pleased to have acquired a well-run company with great ambitions for future development. Buying a majority stake in Kazang is part of an aggressive growth strategy, combining organic growth and M&A activities. We will be an active player in the M&A market going forward, and this is one of the reasons why Nasdaq’s approval of our change of identity will be productive for the growth of the company,” says Glaso.

This announcement includes inside information.

For further Information, please contact:
Jens B. Glaso, CEO SPENN Technology A/S. Phone +47 40 40 47 50, e-mail: jens@spenn.com
Certified Adviser: Baker Tilly Corporate Finance P/S, Att.: Gert Mortensen, Partner. Phone: +45 33 45 10 00, www.bakertilly.dk

SPENN Technology A/S
CVR nr.: 26518199
Njalsgade 76, 4.
2300 København S
Tel: +45 8830 0000
www.spenn.com

About SPENN Technology A/S

In a world where 1.7 billion people are still unbanked, SPENN Technology has democratized access to financial markets by bridging the crypto sphere with traditional finance. By utilizing blockchain technology Blockbonds has created a robust real-time payment system in which everyone can manage their savings, payments, investments and loans in an honest, transparent and secure way through the SPENN App platform. Although SPENN Technology A/S is a purpose-driven company with our vision to empower people, we are also a commercial player that always strives to develop new services for our customers.

The SPENN app is an innovative and unique digital banking platform for the unbanked as well as the banked to be able to send and receive money completely cost-free, in markets where the cost of financial services is the highest in the world. SPENN is disrupting the existing mobile payment distribution channels. SPENN has recently launched new integrated services in the platform and expects to launch more crypto services going forward.

SPENN is a technology provider to banks and governments based on a Software as a Service (SaaS) solution and has grown to become a key partner for their bank partners to drive deposits and to stay in front of innovation. SPENN is helping governments regulate the unregulated utilizing new technology and visionary ideas which have ultimately solved the biggest issue within financial inclusion.

SPENN Technology A/S is listed on the Nasdaq First North Growth Market Denmark. Ticker code: SPENN

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