SAGI&#039;S SAFECHARGE GAMBLE READY TO FLY IN APRIL
19th March, 2014 at 04:09:46
$100 million IPO now planned for early next month.
The latest filings on Teddy Sagi's SafeCharge plans for a $100 million IPO on London's AIM exchange (see previous reports) indicate that the float is being scheduled for early next (April) month.
SafeCharge International Group Limited is a payment partner across a diversified, blue chip client base, according to the announcement. The group is a supplier to merchants in the regulated European sports betting and gambling industry, retail securities derivatives and FX trading sector as well as enjoying a presence in digital goods and gambling services.
It boasts over 500 active clients with notable examples being: Gala Coral
; Rank Digital Gaming; William Hill
The CEO of the enterprise, founder David Avgi, said Tuesday:
Online sales need new technology. Our business is at the heart of these rapid changes in online commerce, helping end users to safely, reliably and successfully transact with our merchant clients, using the latest technologies and techniques. We're very excited by the prospect of listing in London, which will improve the Group's profile amongst prospective clients and should enable us to grow both organically and through acquisitions.
In its filing, SafeCharge says its business strategy is to leverage its current position in the global online payments market to drive growth while capitalising upon new opportunities such as a digital wallet which is expected to be launched in Q4 2014 and the Group's recently attained merchant acquirer status with MasterCard Europe.
The company intends to acquire competitor payment service providers to extend the Group's reach further into Asia Pacific and the Americas.
Between 2010 and 2013 the total value of transactions processed by the Group on behalf of merchant clients increased from US$1.6 billion to US$4.8 billion.
In the year 2013 the Group recorded turnover of US$43.2 million and adjusted EBITDA of US$11.3 million.
Between 2012 and 2013 the Group's revenue increased by 31.4 per cent. and adjusted EBITDA increased by 47.4 per cent.
Related News Tags: Coral, Gala, William Hill