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Seamless buys Ingram Micro Mobility's mobile prepaid airtime

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Staff writer |
Ingram Micro
Acquisition   Business in Sweden and Denmark

SEQR Nordics AB (Seamless), provider of the mobile payment solution SEQR, has entered into an agreement with Ingram Micro Mobility Sweden AB and Ingram Micro Mobility Denmark A/S to acquire their non-core mobile prepaid airtime line of business in Sweden and Denmark.

The acquisition is subject to certain conditions being met by the parties and is planned to become effective early 2015. This new line of business becomes a strategic extension of Seamless' existing eProduct distribution. Through the acquisition, Seamless adds Denmark to its markets. Combined with the mobile payment solution SEQR, the mobile refill and other eProducts creates a strong and profitable offer to the more than 2,000 retailers in the two countries. As a result of the acquisition Seamless will more than double its revenue.

Ingram Micro Mobility and Seamless will collaborate for a smooth transition of existing mobile prepaid airtime customers in Sweden and Denmark.

Seamless can now offer retailers both mobile prepaid and a mobile payment solution through SEQR, both contributing to increase in-store traffic and loyal customers. The acquisition opens up distribution of loyalty and gift cards and is in line with the latest agreements with global players Seamless has signed agreements with recently, such as InComm in the US.

The revenue of Ingram Micro's mobile prepaid airtime line of business in Sweden and Denmark, that is being acquired by Seamless, will have a revenue of approximately half a billion SEK for 2014.

The acquisition price is based on P/E 6. A first down payment of SEK 4 million in cash has been made.

The acquisition is subject to deliverables, meaning that Seamless will not pay for potentially discontinuing clients pre June 30th, 2015.

As the final revenue base will not be known until the final date of consideration (i.e. June 30th, 2015) as of today it is not possible to declare the final price of acquisition.

The acquisition is expected to positively contribute to Seamless earnings per share during 2015.

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