Optimal Payments buys FANS Entertainment Inc. for Cdn$16 million
Online financial transactions provider Optimal Payments plc has announced the acquisition of Montreal-based mobile platform developer FANS Entertainment Inc. for a consideration of Cdn$16 million.
The consideration is payable to the vendors by issuing 3,163,633 shares in a subsidiary of Optimal Payments which are exchangeable on a one-for-one basis into shares of Optimal Payments over the next three years subject to the satisfaction of financial performance criteria.
The FANS Platform is a fully-integrated solution which helps venues and content providers engage their fans while monetising these services. It is a white-label, multi-level mobile wallet system including a management software and analytics suite, as well as operational and public apps.
It can identify users based on mobile behaviour, providing invaluable consumption metrics, and has been successfully implemented at the Bell Centre in Montreal, one of the highest-traffic venues in the world with more than 1.5 million spectators annually.
FANS provides Optimal Payments with a proven technology platform and an experienced management team that will remain in place, led by Benoit Fredette, founder and CEO of the Montreal company.
FANS has leading clients in the sports and entertainment sectors in Canada including the Montreal Canadiens, and other high-profile venues and events. The acquisition further strengthens Optimal Payments' position in the mobile sector of the online payments industry and also provides an entry point into the events market.
Founded in 2011, FANS Entertainment Inc. has specialised in mobile technology development for venues, arenas and to enhance the overall fan experience around events. The company also offers consulting services to sports teams, artists, promoters and festivals around the world to help them develop their fan engagement strategy.
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