News | Industry Updates
“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. OTI is traded on the OTC stock exchange. The company,
Nayax to acquire smart payment solutions provider
Nayax has announced that it has entered into a binding term sheet to acquire On Track Innovations for approximately $4.5 million in cash. “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 and chairman of Nayax (pictured above).
operating in 55 countries, has developed ATM readers and payment terminals (unattended payment), self-service kiosks, automatic vending machines and public transportation payment stations. In addition, OTI has developed automatic refueling solutions for gas stations and vehicle fleets. According to its latest financial statements, OTI reported revenues of approximately $10.7 million in the first nine months of 2021, $1.2 million of which are recurring revenues. Due to Covid-19 OTI experienced cash flow issues and, on January 10, 2022, filed a motion to the District Court in Nazareth, Israel, asking to commence proceedings pursuant to the Insolvency and Economic Rehabilitation Law. The petition was withdrawn as a result of the parties entering into the term sheet. Nayax offers a complete solution including localized cashless payment acceptance, management suite, and marketing and loyalty suite, enabling merchants to conduct commerce anywhere, at any time. Today, Nayax has 10 global offices, over 500 employees, connections to more than 80 merchant acquirer and payment method integrations and is a recognised payment facilitator worldwide. Nayax’s mission is to improve our customers’ revenue potential and operational efficiency.
VMC celebrates 30 years in the vending industry
VMC recently celebrated a significant milestone for any company - its 30th year in business. During those three decades VMC has been a constant and trusted supplier to the vending industry, providing market-leading solutions and expert advice on all things payment related. The business began back in 1991 as Vending
Micro Circuits (not everybody knows this is what VMC stands for), with the sole purpose of creating a futuristic and flexible cashless payment system. Over the years the company has achieved this and more, and now supplies its payment systems to many other markets as well as vending. Much has changed with cashless technology in
30 years, but many of VMC’s team members, and loyal customers, remain the same. All development still remains in-house at a purpose-built office and factory in Southam, Warwickshire. Nick Bate, managing director of the business
said: “We’re thrilled to reach this milestone and want to thank all of our team members and customers past and present for their part in our success and longevity. The vending industry is where our journey began and we’re proud to still be here supporting the vending community with new ideas and innovations.”
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