- Hunter Technology (HOC) is set to acquire Hong Kong-based FinFabrik for a total of US$12 million (roughly C$15.33 million)
- The purchase will be satisfied through the issuance of just over 13.33 million shares in Hunter at a deemed price of US$0.90 (C$1.15) each
- According to the agreement, the two companies will work to formalise a final deal by December 18, 2020
- The acquisition will assist Hunter in bringing its OilEx and OilExchange platforms to market at an accelerated pace
- Hunter Technology is currently down 0.85 per cent to $1.17 per share
Hunter Technology (HOC) is set to acquire Hong Kong-based FinFabrik for a total of US$12 million (roughly C$15.33 million).
Founded in 2016, FinFabrik builds software solutions designed to increase efficiency in complex markets, integrating issuance, deal matching and settlement in a singular end-to-end process.
Its core platform, CrossPool, enables fully digital, real-time transactions using distributed ledger technology for identity management, process compliance, provenance tracing, record immutability and enforceability of contracts.
Under the terms of the initial agreement, Hunter Technology will satisfy the purchase price by issuing just over 13.33 million common shares to the vendors at a deemed price of US$0.90 (C$1.15) each.
“We are very pleased to be partnering with the team at FinFabrik,” said Andrew Hromyk, CEO of Hunter Technology.
“Their proven track record in developing commercial software will enable Hunter to bring our OilEx and OilExchange platforms to market at an accelerated pace, while driving new revenue growth across the existing, mature IP that FinFabrik has developed,” he added.
Hunter Technology and FinFabrik will now work to formalise a final purchase agreement by December 18, 2020. However, full completion of the acquisition remains subject to approval by both companies’ boards, due diligence by Hunter of FinFabrik, and the delivery of FinFabrik’s audited financial statements to Hunter.
“There is strong synergy in combining Hunter’s expertise and network in the traditional oil industry with our leadership in marketplace technology,” said Alex Medana, CEO of FinFabrik.
“For FinFabrik this opens our next chapter and confirms our strategy to partner with industry-leading innovators,” he concluded.
Hunter Technology is currently down 0.85 per cent to $1.17 per share at 1:16pm EST.
