News

Aussie IAD Stargroup making headway on Indue ATM business acquisition

November 1, 2016

Australian ATM and fintech provider Stargroup Ltd. has completed its due diligence in the purchase of Indue Ltd., an ATM switching, settlement, processing, telecommunications and reseller business, the company announced in a press rease.

Stargroup and Indue agreed to extend the exclusive period for the negotiation of the sale agreements and other contractual documentation related to the transaction by one month — from Oct. 31 to Nov. 30, with completion of the acquisition expected to occur by Dec. 31.

Stargroup has agreed to pay $6.5 million in cash, upon completion of the deal.

"We are very excited to announce to the market that our due diligence has been completed and that the key terms of the asset sale agreement and ongoing services agreement have been agreed to by both parties," Stargroup CEO and executive chairman Todd Zani said in the release. "The successful negotiation of the ongoing services between both parties has enabled us to further add value to the current customers and other industry participants by combining the strengths of both parties."

Stargroup is well on track to record its 12th consecutive quarter of revenue growth, including revenues in October that far exceeded budgeted results, the company said.