Interswitch and Value Added Network Solutions Limited (VANSO) have agreed a deal for N15 billion, with all documents signed and all relevant regulatory and shareholder approvals including that from the Securities and Exchange Commission are ready.
Techcabal quotes Interswitch Group MD and CEO, Mitchell Elegbe as saying, “The acquisition of VANSO, both a market leader in the mobile financial services industry and a strong and profitable business, is a great opportunity to combine our respective technology offerings and skill sets, driving growth in our business. By integrating operations, we not only secure access to new payment channels, but a highly skilled leadership team as well, while VANSO now has access to new markets, a mutually beneficial step for both our companies.”
VANSO, a company that provides security-focused financial technology to mostly banks, will now have its management team absorbed into Interswitch’s management team, with its CEO heading Interswitch’s mobile payment’s business unit.
The deal had been on the cards since February but only just came to fruition. Thanking all members fro their support, VANSO CEO, Denis O’Brien said “I would like to thank our Board, executive management team and all our staff, who have worked tirelessly over the last 18 months to identify the most appropriate growth option for us. We look forward to working with the Interswitch management and board over the coming years to deepen and broaden financial services across the continent,”
Parts of this article originally appeared in TechCabal
