South African Fintech Company Adumo Acquired By Lesaka In USD 85.9 M Deal

South African fintech company Adumo has been acquired by counterpart Lesaka in a deal worth ZAR1.59 billion (USD85.9 M), subject to shareholder and regulatory approval. The acquisition price will be settled through the combination of an issuance of 17,279,803 shares of Lesaka common stock to Adumo’s current ultimate shareholders, plus ZAR 232 million (USD12.5 M) in cash. Adumo’s ultimate shareholders include Apis Growth Fund I, a private equity fund managed by Apis Partners LLP; African Rainbow Capital, the largest shareholder of Crossfin Holdings; and IFC and Adumo management.

Adumo is one of South Africa’s largest independent payments processors, assisting approximately 23,000 active merchants with operations such as card acquiring, integrated payments and reconciliation services. Its primary operations include card acquiring, integrated payments and reconciliation services, and serves around 23,000 active merchants.  Lesaka is a South African fintech company that utilizes its proprietary banking and payment technologies to deliver superior financial services solutions to merchants and consumers in Southern Africa.