Infibeam Global, a unit of online retailer Infibeam, has acquired 100% shareholding of Dubai-based digital payment processing firm Vavian International for AED4.32m ($1.2m).
Vavian processes around 2,500 transactions with a transaction value of AED2m per day.
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Vavian will become a direct subsidiary of Infibeam Global and a step-down subsidiary of Infibeam upon deal completion, which is expected in the coming two to four weeks.
“By this acquisition, our company will have multi-fold opportunities of growing its online digital payments as well as other related businesses in Middle East region and further value addition opportunities in those markets,” Infibeam said in a regulatory filing.
The deal forms part of Infibeam’s plans to expand its digital platform and payment solutions globally. Infibeam expects the acquisition to be significantly value accretive.
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