Nayax raises $55 million in public offering, completes $28 million acquisition of Brazil’s VMtecnologia
The Israeli fintech company is expanding in Latin American, with VMtecnologia serving over 2,400 retailers across all 27 states in Brazil and more than 466 cities
Israeli fintech company Nayax has completed its second acquisition in a little over four months after purchasing VMtecnologia, a technology provider for the automated self-service industry in Brazil. This acquisition marks a significant step in Nayax's expansion into the Latin American market, with VMtecnologia serving over 2,400 retailers across all 27 states in Brazil and more than 466 cities.
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With this expansion, which could end up costing Nayax around $27.8 million, it will now serve over 18,300 additional unattended points of sale, including vending machines, micro markets, autonomous laundromats, and the electronic entertainment sector.
Nayax completed an $81 million public offering to finance the deal, with $55 million being raised by the company from the sale of 2,130,435 ordinary shares at a price of $26 million. Another one million ordinary shares were sold by Yair Nechmad, Nayax’s CEO and Chairman of its board of directors, David Ben-Avi, Nayax’s CTO, and Amir Nechmad, a member of Nayax’s board of directors.
Nayax acquired Retail Pro, a retail Point of Sale (POS) software company, for $36.5 million at the end of October.
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“VMtecnologia’s outstanding performance and leadership in Brazil align perfectly with our strategic goals, promising a highly synergistic merger,” said Nechmad. “The Brazilian automated self-service market follows the strong growth trend of the global automated self-service industry. Brazil itself is an attractive market with significant potential for our self-service technology. This acquisition immediately expands Nayax’s targeted addressable market and significantly increases our automated self-service market penetration in Brazil and Latin America.”
