GSTechnologies Ltd (LSE:GST) said it has conditionally agreed to acquire Bonfirepay, a Spanish payment technology company, as part of its strategic expansion across Europe.
The deal will enhance subsidiary Angra Global's B2B cross-border payments and currency exchange services within the European Economic Area (EEA).
With Bonfirepay, GSTechnologies plans to collaborate with a wider network of European banks, non-banking financial institutions, and foreign currency providers, potentially reducing remittance costs and driving revenue growth.
The completion of the purchase is pending Bonfirepay's registration as a Small Payment Institution with the Central Bank of Spain. No financial details were given.
"There are an estimated 24.4 million small to mid-size businesses operating across the EU. This acquisition will enable us to expedite our mission to make cross-border payments faster, cheaper, and more transparent for millions of European businesses," said CEO Tone Goh.
In the same announcement, GSTechnologies said it had extended the timeline for the acquisition of EasySend to the end of November.
"This extension will allow both parties time to refine the post-acquisition integration plan to ensure the acquisition aligns with GST's strategic objectives," investors were told.