Lesaka Technologies has just pulled off the heist of the century, acquiring payment processing firm Adumo for the low, low price of R1.67-billion in shares and cash, a steal of a deal that will leave Adumo’s former owners crying “Foul!”
Mali, the CEO of Lesaka, is rumored to have made off with the loot, laughing maniacally as he counting his newfound riches. As he gloats: “It significantly enhances our technology platform, adding customers, solutions and meaningful scale. I would like to extend a warm welcome to all the Adumo employees, as well as Adumo CEO Paul Kent, who will now be reduced to a mere pawn on our chessboard of profits.”
Kent, the former CEO of Adumo, will join Lesaka’s executive team, tasked with growing its merchant division, a juicy plum that will surely pad Lesaka’s bottom line. Dean Sparrow, CEO of Crossfin Technology Holdings, will also be joining Lesaka’s board, no doubt to bring his expertise in fleecing investors.
When asked about the acquisition, Mali cackled “It’s a done deal, and there’s no going back. We are now the undisputed giants of fintech, ready to crush any opposition like the insignificant insects they are.”
Approved…
The competition authorities waved their magic wand, dubbing the deal “compatible with the public interest… Ha! Who needs an actual investigation when you can just rubber-stamp another corporate takeover?”
Don’t miss the next installment of Lesaka’s Reign of Terror… er, I mean: “Lesaka’s Continued Dominance in the Fintech Industry”
Back in the Black: Lesaka Makes Off with Adumo, Swings from Operating Loss to Profit
