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Next Group to Acquire US Telecommunication Firm Limecom in USD 12m Deal
Friday 19 May 2017

19 May 2017 - Florida, US-based financial technology company Next Group Holdings, Inc. (OTCQB: NXGH) has agreed to acquire all assets of Florida, US-based global telecommunication company Limecom Inc., the company said.
The transaction is a cash and equity deal valued at USD 12m based on a USD 50m valuation of NXGH.
Limecom provides voice and SMS services and is on track to post 2017 revenues exceeding USD 125m with a net profit of USD 2.5m. Limecom will continue operations as a wholly-owned NXGH subsidiary, with Limecom founder and CEO remaining fully in charge of operations. He will be appointed to NXGH's board of directors.
The company said the acquisition of Limecom aligns with its plans for expansion of the company's businesses via our GPR (general purpose reload), Mio prepaid and Cuentas virtual banking card programs.
This acquisition, along with NXGH's recently announced acquisition and revenue from other divisions of Next Group Holdings, places the company's projected 2017 annual revenue at approximately USD 140m.
Limecom currently facilitates more than 2bn voice minutes and more than half a billion sms/mms annually.
This acquisition fuels the potential for ten times that capacity.
Next Group Holdings, Inc. (OTCQB: NXGH), which, through its operating subsidiaries, engages in the business of using proprietary technology and certain licensed technology to provide mobile banking, mobility, and telecommunications solutions.
Limecom Inc. operates a unified global network built on IPO switching equipment.
Date Published: 19/05/2017
Target: Limecom Inc
Country: USA
Deal Size: 12m (USD)
Sector: Telecommunications
Type: Corporate acquisition
Financing: Cash and Stock
Status: Agreed
Buyer: Next Group Holdings