Stockholm (pta020/15.11.2019/11:30) - Stockholm, Sweden (November 15th , 2019) - StrateVic Finance Group AB (Frankfurt Stock Exchange: SVAB - ISIN SE 0006027546) announces that it has entered into an agreement to acquire the assets of Wellmont Capital Group N.V., a Dutch company operating with two lines of businesses: one being a wallet service under the brand of Wellmont and its subsidiary Wantage One AB and a direct sales business established early 2019.
Part of this agreement, which is subject to a final due diligence, is to merge the existing client base of Wellmont into StrateVic's BankT platform to further strengthen the product's distribution.
Following this strategic step means, that Matt Connelly, head of BankT, will take on the role as Chief Operating Officer and an existing revenue base will be brought to the company.
The acquisition will be financed based on an earn-out basis where StrateVic will acquire and fund an underwriting solution to be provided to clients of Wantage One.
"We're excited about this new development as it integrates a revenue stream vertically from one of our previous clients. Wellmont has provided our subsidiary BlockTrade Technologies with Bitcoin deposits for its trading operations - now we can become one streamlined operational unit, having less overhead costs and more attractive profit margins." says Bert Scheen, chairman of StrateVic Finance Group AB.
StrateVic Finance Group AB is a Swedish public company listed on the Frankfurt Stock Exchange since 2014 under the ticker symbol SVAB. The company specialises in FinTech such as banking and trading in virtual and physical currencies. For more information visit www.stratevic.com. You can also find the Company on Facebook, Twitter and LinkedIn.
StrateVic Finance Group AB, Bert Scheen, Chairman, email@example.com
|emitter:||Stratevic Finance Group AB|
111 48 Stockholm
|contact person:||Bert Scheen|
|phone:||+46 10 138 8644|
|stock exchanges:||regulated market in Frankfurt; free market in Dusseldorf, free market in Munich, free market in Stuttgart; open market in Berlin|