Thalassa Holdings Limited Thalassa subsidiary initial FinTech acquisition (2594H)
31 Julho 2019 - 3:00AM
UK Regulatory
TIDMTHAL
RNS Number : 2594H
Thalassa Holdings Limited
31 July 2019
Thalassa Holdings Ltd
(Reuters: THAL.L, Bloomberg: THAL:LN)
("Thalassa", "THAL" or the "Company")
Thalassa subsidiary initial FinTech acquisition
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
The board of Thalassa (the "Board") is delighted to announce its
maiden FinTech investment in line with its stated investment
policy. The Company's wholly owned Swiss subsidiary, Apeiron
Holdings A.G. ("Apeiron"), has exchanged a contract, which is
expected to complete by the end of September 2019, for the
acquisition of id4 A.G. ("id4"), a RegTech([1]) company registered
in the Swiss Canton of Luzern.
id4 has developed technology, which it is starting to
commercialise, to assist financial institutions and other regulated
entities to comply, in particular, with Know Your Client,
Anti-Money Laundering and client onboarding compliance
obligations.
The id4 opportunity was sourced and managed by Apeiron's
recently appointed CFO, Rémy Schimmel, following an introduction by
Luzern Business (www.luzern-business.ch), the business development
office for the Canton of Luzern. Prior to joining Apeiron, Rémy was
CFO of Coutts Private Bank, Zürich and most recently CFO of Cembra
Money Bank, Zürich. Mr Schimmel joined Apeiron in April 2019.
The acquisition of id4 will be made on a share for share basis,
which will result in the shareholders of id4 owning a maximum of
20% of Apeiron at closing. id4 will be valued at up to CHF7 million
(c$7.07 million) and Apeiron at up to CHF35 million (c.$35.35
million). The exact valuation attributable to id4 will depend upon
the treatment of the acquisition by the Swiss Tax authorities,
which, if required, is expected to be known in early September
("Swiss Tax Ruling"). The final valuation will not affect
Thalassa's post transaction ownership of 80% of Apeiron.
It is anticipated that the acquisition of id4, which is subject
to execution and registration of transaction documents and
conclusion of any necessary Swiss Tax Ruling, will complete by the
end of September 2019. The Company will make further announcements
in due course.
Duncan Soukup, chairman of Thalassa said: "The founders of id4
are seasoned professionals all of whom have worked for many years
in the banking and financial services industries and who have an
exceptionally strong technical proposition. We are in no doubt that
id4 will succeed in delivering technological solutions to an area
of the finance industry that is only now, due to stringent
regulatory requirements, being forced to increase the use of
technology to address the unprecedented increase in the level of
compliance whilst at the same time reducing the cost of this
exercise. I am very much looking forward to working with the id4
team and building out Apeiron's business, for which the Board has
great ambitions."
"I believe that the timing of our entry into the FinTech/RegTech
market is auspicious as Small and Medium Sized Financial
Enterprises are struggling with an unprecedented increase in the
level and associated cost of regulatory oversight following the
2008 financial crisis, a problem which can only be addressed
through the adoption of new technologies."
"Id4 represents Apeiron's first FinTech acquisition in an
expected series of further acquisitions in related RegTech
disciplines, which will allow the founders of acquired companies to
focus on developing their businesses whilst the board of Apeiron
focuses on guidance, support and funding of the capital needs of
its holdings."
END
The ISIN for the Thalassa ordinary shares is VGG878801031.
Enquiries:
Thalassa Holdings Ltd
--------------------
+33 (0)6 78 63 26
Duncan Soukup (Executive Chairman) 89
--------------------
WH Ireland Limited (Financial Adviser) +44 (0)207 220 1650
--------------------
Chris Fielding, Managing Director, Corporate
Finance
--------------------
www.thalassaholdingsltd.com
Note to Editors:
Thalassa Holdings Ltd, incorporated and registered in the BVI,
is a holding company with various interests across a number of
industries.
[1] RegTech or Regulatory Technology can be defined as the
management of regulatory processes within the financial industry
through technology. The main functions of RegTech include
regulatory monitoring, reporting, and compliance. RegTech is a
rapidly growing sub-sector of the FinTech Industry.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCLLFSEDTIIVIA
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