Triterras Inc. (Nasdaq: TRIT,
TRITW) (“Triterras” or the “Company”), a leading fintech
company for trade and trade finance, today announced that it has
signed a letter of intent with Singapore headquartered Electronic
Cash and Payment Solutions (S) Pte Ltd., (“ECAPS”) which has a
strong presence in India, to enter into a strategic partnership and
acquire a minority interest. ECAPS is an open banking platform
serving India’s emerging Micro, Small and Medium Enterprise
(“MSME”) marketplace, facilitating greater financial inclusion for
the emerging middle class.
Structured as both a strategic investment and
partnership, this transaction will establish Triterras’ presence in
the Indian MSME marketplace. The closing of the transaction is
subject to, among other items, satisfactory completion of due
diligence and negotiation of definitive agreements. Triterras has
hired the leading law firms J Sagar Associates in India and Grays
Law in Singapore to oversee the due diligence process and assist
with the transaction.
Under the terms of the letter of intent,
Triterras will make an investment of $4 million in the Singapore
headquartered ECAPS in exchange for a minority ownership interest
and will be entitled to appoint one member to ECAPS’ Board of
Directors.
With a focus on Indian MSMEs, the ECAPS platform
facilitates a variety of cash-based and cashless transactions
offering domestic money remittance, utility and bill payments,
Aadhaar-enabled payment systems, assisted e-commerce,
lending-as-a-service, insurance and telemedicine. The ECAPS
distribution network comprises 4,000 distributors and 80,000 MSME
retailers across 16 states in India.
“Our growth strategy over the last year has
included not only rolling out new modules but also expanding our
geographic footprint,” said Triterras Chairman and CEO Srinivas
Koneru. “This strategic partnership will bring to Triterras some
excellent growth opportunities. In the near term we feel that a
portion of ECAPS’ 4,000 distributors can serve as an immediate
client base for our offering on Supply Chain finance through our
Kratos platform. We think that there is great growth potential in
dealing directly with these potential clients. Executing a
strategic partnership that provides Triterras with immediate access
to 4,000 potential SCF clients is a far better alternative than
attempting to create those relationships on our own over a period
time.”
Mr. Koneru added, “This strategic partnership
also establishes a framework for us to develop a ‘merchant lending’
solution in collaboration with ECAPS to provide a working capital
lending platform to their 80,000 retailers and 4,000 distributors.
We see the possibility of leveraging the merchant lending platform
technology acquired in the recent Invoice Bazaar acquisition to
capitalize on this opportunity. The specific product offering and
structure for this merchant lending solution is yet to be
determined.”
According to International Finance Corporation,
the Indian MSME sector boasts a USD 300 billion+ financing
opportunity. ECAPS is currently tracking over $50 million in
monthly gross transaction value across 1.8 million transactions on
average. By leveraging ECAPS’ established digital banking platform
and robust distribution network of 80,000+ retail touchpoints, we
believe that Triterras will be able to rapidly scale its product
offerings, including those of Invoice Bazaar, the Company’s newly
acquired Middle Eastern business, and reduce time to market for
distributing new asset classes to the MSME market across the
region.
In addition to tapping into the MSME sector,
Triterras will benefit from accessibility to ECAPS’ established
distributor network and bank partners, which will serve as an
instant customer base for the Company’s Supply Chain Finance and
Receivables Finance modules.
ECAPS also plans to expand into other emerging
economies in Southeast Asia, in particular in Indonesia, Vietnam
and the Philippines. Triterras’ partnership with ECAPS brings the
potential of expanding its product range and geographical presence
in these markets.
The ECAPS investment and partnership follows a recent closing of
Triterras’ acquisition of Invoice Bazaar, a leading supply chain
finance platform in the Middle East, and an announced partnership
with Western Union Business Solutions.
Subject to satisfactory completion of due
diligence and negotiation of definitive agreements as well as
additional diligence items, the investment and partnership
agreement is scheduled to close by the end of June 2021.
About Triterras Triterras is a
leading fintech company focused on trade and trade finance. It
launched and operates Kratos™—one of the world’s largest commodity
trading and trade finance platforms that connects and enables
commodity traders to trade and source capital from lenders directly
online. For more information, please visit triterras.com or email
us at contact@triterras.com.
About ECAPSECAPS is a
Singapore-headquartered company that operates an open banking
platform in India. ECAPS offers a wide suite of digital financial
solutions to the emerging middle-class customers across 16 states
in India. The company’s distribution network comprises over 80,000
MSME retailers and 4,000 distributors. The company has commercial
partnerships with banks, payment service providers, payment
gateways, insurance firms, telemedicine and e-commerce players in
India. For more information, please visit ecaps.in or email us
at info@ecaps.in.
Forward Looking StatementsThis press release
includes “forward-looking statements” within the meaning of the
“safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995. Triterras’ actual results may differ from their
expectations, estimates and projections and consequently, you
should not rely on these forward-looking statements as predictions
of future events. Words such as “expect,” “estimate,” “project,”
“budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,”
“will,” “could,” “should,” “believes,” “predicts,” “potential,”
“continue,” and similar expressions are intended to identify such
forward-looking statements. These forward-looking statements
include Triterras’ expectations with respect to future performance.
These forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from the expected results. Most of these factors are
outside Triterras’ control and are difficult to predict. Factors
that may cause such differences include but are not limited to
risks and uncertainties related to (i) the timing of the closing of
the ECAPS transaction, and (ii) the anticipated effects of such
transaction, as well as the risks set forth under “Risk Factors” in
Triterras’ Form 20-F (001-39693) filed with the Securities and
Exchange Commission (the “SEC”) on November 16, 2020 (the “Form
20-F”) and in Triterras’ other filings with the SEC. Triterras
cautions that the foregoing list of factors is not exclusive.
Triterras cautions readers not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
Triterras does not undertake or accept any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements to reflect any change in its
expectations or any change in events, conditions, or circumstances
on which any such statement is based except as required by
applicable law.
Investor Relations Contacts:Jim Groh, Triterras
Inc.Mobile: +1 (678) 237-7101Email: IR@triterras.com
Gateway Investor RelationsCody Slach and Matt
GloverOffice: +1 (949) 574-3860Email: TRIT@gatewayir.com
Media Contacts:Gregory PapajohnOffice of Corporate
CommunicationsTriterras, Inc.Mobile: +1 (917) 287-3626Email:
press@triterras.com
Triterras (NASDAQ:TRITW)
過去 株価チャート
から 5 2024 まで 6 2024
Triterras (NASDAQ:TRITW)
過去 株価チャート
から 6 2023 まで 6 2024