Lesaka Technologies Acquires SA’s Adumo for USD 96 M

Lesaka Technologies, listed on both NASDAQ and the Johannesburg Stock Exchange, has completed its acquisition of payment processing firm Adumo for USD 96 M. The transaction includes issuing roughly 17 million Lesaka shares and a cash payment of USD 13 M.

Following the acquisition, Adumo’s CEO, Paul Kent, will take on a role within Lesaka’s executive leadership team, overseeing its merchant division. Additionally, Dean Sparrow, CEO of Crossfin Technology Holdings, will join Lesaka’s board as a non-executive director.

This acquisition bolsters Lesaka’s scale, enhancing its ability to serve 1.7 million active users and 120,000 merchants while processing over USD 15.5 B in annual transactions.