B2B payment services provider Cirralto has signed a binding share sale agreement (SSA) to buy 100% of Sydney-based fintech Invigo.
The deal, expected to close this month, is valued at $7.58m (A$10m) with each share priced at 7.5c.
Go deeper with GlobalData
Invigo offers business finance and business management tools that allow buyers and sellers to enhance their cash flow and boost access to credit solutions to manage the business better.
Invigo’s platform also provides an integrated supply chain funding solution aimed at accelerating the settlement of payments between buyers and their suppliers.
The acquisition is expected to further expand the reach of Cirralto’s existing offerings and to fully integrate a range of financial options into its existing technologies.
Furthermore, it will enable integrated Buy-Now, Pay-Later (BNPL), Pay-by-Instalment and Pay Now Supply to be rolled out into B2B payments through Cirralto’s core product, Spenda.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataCirralto also expects the deal to unlock multiple commercial opportunities and boost revenue growth opportunities as well as enable the deployment of Spenda offerings across Invigo’s customer base.
Cirralto CEO Adrian Floate said: “This is a really exciting acquisition, and there is no question that blending customer payments with improved access to working capital is a big win for our customers and I expect that all shareholders will be delighted too.”
The deal follows a partnering agreement and strategic loan funding arrangement signed by the companies in August 2019 and April 2021, respectively.
Cirralto said that the $2m loan agreement will remain in place and consolidated into the company’s post acquisition accounts.
Invigo managing director Andrew Hilton said: “The future of cash flow funding will rely on integration with digital technologies.
“Until now, business borrowers have relied on archaic finance applications and processes, it is now time for an evolution that makes finance more accessible and more immediate.
“Cirratlo’s Spenda product suite provides a very coherent path to achieving this and together, allows us to execute our multi-option payment vision.”
Following the closing of the deal, Hilton will join Cirralto’s executive leadership team.
Additionally, Invigo co-founder and operational director Corrie Hassan will assume an executive managerial role within the company.
