Ahmedabad-based Infibeam today said its wholly-owned subsidiary has acquired digital payment processing company Vavian International for AED 4.32 million (about Rs 8.01 crore).
"...Infibeam Global EMEA FZ-LLC, has acquired 100 per cent shareholding of Vavian International Ltd, one of the fast growing digital payment processing company in Middle East region, for AED 4.32 million," Infibeam said in a statement.
It added that Vavian will become direct subsidiary of Infibeam Global and a step-down subsidiary of Infibeam Incorporation Ltd upon completion of aforesaid acquisition.
The acquisition, which is expected to be completed in the next 2-4 weeks, is part of company's international expansion of digital platform and payment solutions.
Vavian processes approximately 2,500 transactions with transaction value of AED 2 million on daily basis. Registered in June 2017 in Dubai, its monthly gross income is about AED 6,00,000.
"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 adding that the deal is expected to be significantly value accretive for the company.
The total transactions value in the digital payments segment in Middle East and Africa is forecast to grow at 14 per cent a year in the coming five years, rising to USD 78.4 billion in 2022 from around USD 46.4bn this year, according to forecasts from Statista.
Infibeam had acquired CCAvenue last year, one of the largest payment solution platforms in India.
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