Lesaka Technologies, a Nasdaq-listed fintech firm, has completed its acquisition of Adumo, a leading South African fintech company, for $96 million. This strategic move involves a combination of cash and stock, with Lesaka contributing $13 million in cash and the remainder in shares.
The acquisition enhances Lesaka’s presence in the region, expanding its services to over 1.7 million consumers and 120,000 merchants across Southern Africa, including operations in countries like Namibia, Botswana, and Kenya.Adumo, known for its point-of-sale (POS) devices and integrated payment solutions, processes approximately $1.3 billion in transactions annually.
This acquisition is expected to bolster Lesaka’s capabilities, positioning it as a formidable competitor in the African fintech space against companies like YOCO. The deal also integrates Adumo’s CEO, Paul Kent, into Lesaka’s leadership team and strengthens its ability to provide advanced payment infrastructure to diverse sectors in South Africa.
The acquisition aligns with Lesaka’s growth strategy, which includes leveraging synergies from recent purchases like Touchsides and targeting additional opportunities in Africa’s expanding fintech market.
