Triterras Inc. (TRIT) a global fintech company specializing in trade and trade finance that connects and allows commodity traders to trade and source capital from lenders directly online, announced that it has carried out a definitive agreement linked with its prior announced Letter of Intent to acquire Invoice Bazaar which focuses as a provider of supply chain finance services and e-commerce financing. Completion of the transaction is subject to customary terms.
At last check-in premarket trading, shares of Triterras Inc. (TRIT) were up 8.79% at $5.82. TRIT stock closed the last session at $5.35, increasing 8.52% or $0.42. Shares of the company fluctuated between $4.80 and $5.04 throughout the day. The shares of Triterras Inc. have retreated -0.74% in the last five days; however, they have lost -29.88% over the last one month.
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About Acquisition
In accordance to the customary conditions of the transaction, Triterras will pay shareholders of Invoice Bazaar as much as $8 million USD in the next two years, subject to the reaching of specific revenue breakthroughs. Triterras Inc. expects that the transaction will be accretive to earnings within twelve months after close. Invoice Bazaar’s founding member team consisting of 3 members located in Dubai, will be joining the Company’s existing Leadership Team.
Triterras now consists of a team established in the strategically significant Middle East space, with licenses to operate straight away. The complementary nature of Invoice Bazaar’s capabilities in supply chain finance, receivables financing, and e-commerce supplier financing with the Kratos platform brings a blueprint for expansion into other locations, for Triterras.
About Invoice Bazaar
Invoice Bazaar was established 5 years ago in Dubai. Since then, the FinTech start-up has manufactured a proprietary technology platform for offering Supply Chain Finance, Receivables Finance and Dynamic Discounting. Invoice Bazaar’s management team consists of over 5 decades of combined work experience focused on banking and technology in global organizations inclusive of Citi, HSBC, and Goldman Sachs.
Invoice Bazaar’s platform delivers the capability for large buyers to help small-scale suppliers by having their receivables paid sooner. Invoice Bazaar has also won the Middle East and North Africa Fintech of the year award at FinTech Abu Dhabi, which is considered one of the most honorary fintech events in the region.
Conclusion
A definitive agreement to acquire invoice bazaar has surged investor interest for Triterras Inc, with TRIT stock price increasing substantially. Furthermore, the complementary nature of the businesses combined with ease of geographical expansion due to the acquisition has surpassed shareholder expectations.
