SPARK Technology A/S
Company Announcement

Acquisition of Acceleum Technology AS

14.5.2024 12:40:04 CEST | SPARK Technology A/S | Company Announcement

Company Announcement No. 125

Spark Technology A/S has entered into an acquisition agreement with Acceleum Technology AS, a Norwegian company providing a comprehensive platform for micro-investments and micro-pensions in sub-Saharan African markets. The agreement is subject to satisfactory due diligence and approval from the General meeting of Spark Technology A/S.

In a strategic move to bolster its presence in the rapidly evolving micro-investment landscape, Spark Technology A/S has agreed to acquire Acceleum Technology AS, for jointly launching their micro-investment and micro-pension platform and "The Acceleum Game." This acquisition will further strengthen Spark Technology AS’s foothold in sub-Saharan Africa, providing investors and savers with innovative tools.

Spark Technology A/S has previously announced entering into an agreement with regard to selling their shares in different subsidiaries to Tyrill AB, and by this continues as a holding company developing different technology companies, with focus on acquisitions and spin-offs of complementary technologies and platforms.

In connection with the acquisition of Acceleum Technology AS, Spark Technology A/S has assisted Acceleum Technology in discussion with their previous portfolio company SPENN Technology AS (formerly Blockbonds AS) with regards to a distribution agreement that will give them access to SPENN's network and payment infrastructure, which is crucial for simplifying transactions, a cornerstone of micro-investments and pensions.

The enhanced reach and collaboration will start in Uganda, in partnership with Acceleum Technology AS's partner Cor IT, serving an estimated 20 million users. This tripartite collaboration aims to provide on-the-ground services and roll out these tools over 12-18 months. The partnership will integrate Acceleum Technology AS’s gaming and micro-investment products with SPENN Technology AS’s payment services, creating an engaging investment experience, which due to the acquisition will benefit Spark Technology A/S.

This acquisition offer is subject to satisfactory due diligence of Acceleum Technology AS, and approval from the General meeting of Spark Technology A/S. The acquisition price is currently set at DKK 100 000 000, as an in-kind contribution with 100% of the shares from Acceleum Technology AS. The share issue with the in-kind contribution, will be done at nominal value of the SPARK share, and the share issue must be approved by the General meeting of the company.

Jens B. Glasø, CEO/Spark Technology AS: "This acquisition presents an outstanding opportunity to enhance value for our shareholders, ensuring the investments we've made will benefit them through existing and emerging verticals, while securing the future of Spark Technology AS."

Harald Ellefsen, Chairman/Acceleum Technology AS: "We know SPENN Technology AS well and have great respect for their international operations. We see ourselves as a perfect partner for Spark Technology AS, adding value to both platforms, empowering users. We hope to bring significant value to Spark Technology AS through the agreement with SPENN Technology AS."

Certified Adviser

Company’s Certified Adviser is Baker Tilly Corporate Finance P/S (CVR-nr. 40073310), Poul Bundgaards Vej 1, 1., DK-2500 Valby, tlf. +45 3345 1000

For further Information, please contact:

Jens B. Glaso, CEO SPARK Technology A/S. Phone +47 40 40 47 50, e-mail: jens@spenn.com

SPARK Technology A/S

CVR nr.: 26518199

Njalsgade 76, 4.

2300 København S

Tel: +45 8830 000

https://sparktechnology.dk

About SPARK Technology A/S

In a world where 1.7 billion people are still unbanked, SPARK Technology has democratized access to financial markets by bridging the crypto sphere with traditional finance. By utilizing blockchain technology the company has created a robust real-time payment system in which everyone can manage their savings, payments, investments and loans in an honest, transparent and secure way through the SPENN App platform. Although SPARK Technology A/S is a purpose-driven company with our vision to empower people, we are also a commercial player that always strives to develop new services for our customers.

The SPENN app is an innovative and unique digital banking platform for the unbanked as well as the banked to be able to send and receive money completely cost-free, in markets where the cost of financial services is the highest in the world. SPENN is disrupting the existing mobile payment distribution channels. SPENN has launched new integrated services in the platform and expects to launch more crypto services going forward.

SPARK Technology is a technology provider to banks and governments based on a Software as a Service (SaaS) solution and has grown to become a key partner for their bank partners to drive deposits and to stay in front of innovation. SPARK Technology is helping governments regulate the unregulated utilizing new technology and visionary ideas which have ultimately solved the biggest issue within financial inclusion.

SPARK Technology A/S (under the name SPENN Technology) is listed on the Nasdaq First North Growth Market Denmark and on OTCQX in USA. 

Ticker codes:

Europe – Nasdaq First North: SPENN

USA – OTCQX: SPNNF