Fintech firm GSTechnologies to amass Semnet

Fintech firm GSTechnologies Restricted (LON:GST) has entered into an settlement to amass 66.67% of the issued share capital of Semnet Pte Ltd, a cybersecurity firm primarily based in Singapore, for a complete consideration of US$1.8 million, payable by US$0.8 million in money and US$1.0 million in new shares within the firm.

Semnet is a worthwhile cybersecurity enterprise that can present GSTechnologies with experience and licences that the Administrators imagine are a essential part to the development of the corporate’s GS Cash and B2B Neobanking operations.

Cybersecurity is of specific significance to the Firm’s growing international Neobank ecosystem which has not too long ago been enhanced by the acquisition of PAYPT finance Ltd, now renamed Angra International.

The remaining 33.33% excellent shares in Semnet are owned by Ong Siew Phek (23.33%) and Lam Pek San (10%). Ong Siew Pek is the partner of the Firm’s Govt Director and CEO, Jack Bai.

In its most not too long ago revealed unaudited accounts, to 30 September 2022, Semnet had a turnover of US$4.22 million and reported revenue earlier than tax of roughly US$0.21 million.

Tone Goh, Chairman of GST, Chairman of GST, commented:

“This strategic acquisition represents an additional essential step within the Firm’s journey. Our dedication to innovation and excellence stays unwavering, and having inhouse cybersecurity experience and functionality is essential as we proceed to construct a B2B Neobank offering next-generation digital cash options. We stay up for offering updates sooner or later on the the progress of this acquisition and the following enhancements it brings to our fintech choices.”