06:10 PM EST, 03/06/2024 (MT Newswires) -- Nayax ( NYAX ) said late Wednesday it agreed to acquire VMtecnologia, a technology provider for automated self-service industry in Brazil, for an enterprise value of about 110 million Brazilian reais ($22.3 million).

The transaction includes a 66 million reais upfront cash payment, with the remainder, contingent upon management retention and revenue growth consistent with prior experience, payable over three years in cash or Nayax ( NYAX ) equity, the firm said.

Nayax ( NYAX ) said it plans to fund the initial payment with its cash reserves. It expects to close the deal in Q2.

Separately, the company said it started an underwritten public offering of about 3.1 million shares, including 1 million shares from Chief Executive Yair Nechmad, Chief Technology Officer David Ben-Avi and board member Amir Nechmad.

The company said it plans to offer its underwriters an option to buy an additional 469,565 shares.

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