Fintech payments group focused on the SME marketplace Equals Group plc today announced completing the acquisition of Oonex SA. The company also issued an updated on the trading results for the first half of the year.
Acquisition of Oonex
Equals announced entering a conditional agreement to acquire the entire issued share capital of global payments services provider on 27 March.
In the latest announcement, Equals confirmed that the National Bank of Belgium had no objections on the transaction, which closed on 4 July.
The acquisition and the Belgium-based payment institution’s regulatory licences and banking relationships allows Equals to bring its payments, cards and multi-currency account products to a new suite of customers across Europe. Additionally, Oonex’s capacity to generate local IBANs within the Eurozone will considerably broaden the reachable market for the Group’s platform and products.
The acquisition payment will be facilitated through the issuance of an initial set of 3,938,294 ordinary shares, valued at 1 pence each, in Equals Group plc. Further sets of 61,706 shares, and potentially up to 1,000,000 shares (depending on specific conditions), will be issued over the next six months.
Ian Strafford-Taylor, CEO of Equals, said:
We are delighted that the NBB has confirmed that it had no objections to the change of control for Oonex, so we can now commence growing the business in Brussels as well as integrating it into the Equals technology platform. We see Oonex as a tremendous opportunity for the Group as it allows us to distribute our market leading platform, products, and capabilities to new customers across the Eurozone and we look forward to updating shareholders on its progress in the coming months.
H1 results
Based on the trading update for the period between January and June 2023, Equals recorded revenues of £45.0 million. During those six months, the company experienced significant growth compared to the £31.4 million reported during the corresponding period last year. Moreover, revenues surpassed the previous half-year figure of £38.3 million, showing a 21% increase.
The report highlights positive growth across all key operational sectors for Equals. Notably, the “Solutions” sector performed exceptionally well, with a 116% growth compared to H1 2022, reaching £13.6 million, and a 46% jump compared to H2 2022.
During the first half of the present year, the company achieved an average daily revenue of £363 thousand, reflecting a 42% increase compared to the £255 thousand reported in the previous year. The management affirms that these financial outcomes align with the forecasts set for fiscal year 2023. Additionally, it is anticipated that the Adjusted EBITDA margins will remain at 20% even after the acquisition of Oonex.
Strafford-Taylor commented:
It is very pleasing to be able to report half-year revenues for 2023 that exceed those posted for the whole year in 2021. To have come so far in such a short period of time is testament to the incredible efforts of everyone who works for the Equals Group. Our trading performance clearly shows the success of our focus on the B2B customer segment and the continued growth of our Solutions business. With expanding distribution channels opening up increased addressable markets, we look forward with confidence.
Equals completed the acquisition of Roqqett Limited’s acquisitio earlier in January.
