National law firm Holding Redlich has advised customer engagement tech company Mobecom on its acquisition of Paid by Coins.
Paid by Coins, a subsidiary of Lakeba Group, allows customers to make bill payments and bank transfers using cryptocurrency.
Holding Redlich partner Harry Kingsley said it was a significant deal in a fast-changing industry.
“Both Mobecom and Paid by Coins operate in a new sector of the fintech economy,” Harry said.
“It was our privilege to assist Mobecom on this novel business acquisition and to work with the Lakeba team and the Piper Alderman team.”
Deal: Mobecom Limited’s acquisition of Paid By Coins Pty Ltd
Value: $6 million - $20 million
Areas of law: Blockchain, Cryptocurrencies, Mergers & Acquisitions
· Holding Redlich partner Harry Kingsley and special counsel Kaveh Zegrati (for Mobecom)
· Piper Alderman partner Michael Bacina and partner Andrea Beatty (for Paid By Coins).
Deal significance: Paid by Coins has achieved one of the largest potential acquisition deals for a business founded only seven months ago. The deal size is between $6 million and $20 million depending on revenue targets being met.
· Giuseppe Porcelli of Lakeba said: “The Lakeba model has been integral in the launch of Paid By Coins in February as a brand new business to the significant sale of the business. Partnering with Mobecom will bring significant benefits for both partners.”
· Neil Joseph, CEO of Mobecom said “There are great synergies between Paid By Coins and Mobecom’s existing products, particularly our Muulla and airBux platforms. This acquisition will help rapidly advance our business in the digital currency space.”
· Michael Bacina, Piper Alderman said “It’s great to see such a significant acquisition of such a young company operating in such an early stage and rapidly growing industry. This underscores how fast and valuable blockchain businesses can become as the technology continues to be adopted. In this space business moves very fast and it’s a pleasure to have had a collaborative approach with the legal teams to overcoming challenges.”