Nayax Ltd., a global commerce enablement and payments platform designed to enable retailers to provide consumers with digital, cashless, connected commerce experiences, has entered into a binding term sheet to acquire On Track Innovations (OTI), for approximately $4.5 million in cash, the company announced Thursday.
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"This acquisition is an important step in our plan to gain share in our targeted markets and accelerate our growth opportunities in territories such as Japan," commented Yair Nechmad, Chief Executive Officer and Chairman of Nayax.
"OTI has an experienced workforce, a high-quality and loyal customer base as well as significant operations in the automatic refueling system market. This transaction supports Nayax's strategic business plan, as we constantly explore potential acquisitions with complementary technologies that will support our continued growth," Nechmad concluded.
The acquisition will be completed in two phases. First, Nayax will lend OTI approximately $5.5 million to repay its outstanding debts. The Nayax loan will be repaid in two years, bearing a 10% annual interest rate. In the next phase, expected within 21 days of signing the loan agreement, OTI will be fully merged into Nayax in consideration for $4.5 million.
