I am (NASDAQ: NYAX) said Wednesday it will buy Brazil-based VMtecnologia for an implied enterprise value of $22.3 million, entering the Latin American market as part of its global expansion effort.
VMtecnologia is a provider of technological solutions for the automated self-service sector.
“With this expansion, Nayax will now serve over 18,300 additional unattended outlets, including vending machines, micromarkets, self-service laundromats and the electronic entertainment sector,” said the the company said in a statement.
The company will pay $13.4 million upfront in cash, with approximately $8.9 million to be paid semiannually over the next three years in cash or stock, if certain conditions are met.
Completion of the transaction is expected in the second quarter of 2024.
In a separate press release, the company initiated an underwritten public offering of 3,130,435 of its common shares.
The Company intends to grant the underwriters an option to purchase up to an additional 469,565 shares of its common stock.