Payment solutions provider EML Payments (ASX:EML)
has reached an agreement to acquire open-banking innovator Sentenial.
EML will splash out $108.6 million upfront, as they recognise the value of Sentenial’s account-to-account payment platform in diversifying EML’s portfolio of payment solutions. Further add-ons worth $62.1 million will be rewarded, should performance levels meet target requirements. The Australian payment business’ purchase of Sentenial will also expand their customer network and reach in Europe and draw more revenue sources.
Shares in EML Payments (ASX:EML)
are trading 10.89 per cent higher at $5.70