Israeli Fintech firm Nayax has solidified its position in the Latin American market with the recent acquisition of VMtecnologia, a key player in the technology provision for the automated self-service industry in Brazil.
This move, marking the company’s second acquisition in just over four months, underscores its strategic expansion across the region.
VMtecnologia, renowned for its extensive reach, serves more than 2,400 retailers throughout Brazil’s 27 states, spanning over 466 cities.
The acquisition, potentially costing Nayax around $27.8 million, dramatically broadens its service scope to include an additional 18,300 unattended points of sale.
These encompass a variety of sectors such as vending machines, micro markets, autonomous laundromats, and the electronic entertainment industry.
To finance this significant deal, Nayax undertook an $81 million public offering. From this, the company successfully raised $55 million through the sale of 2,130,435 ordinary shares at $26 million.
Additionally, Yair Nechmad, CEO and Chairman of Nayax’s board, along with David Ben-Avi, the CTO, and board member Amir Nechmad, sold one million ordinary shares.
This acquisition follows Nayax’s purchase of Retail Pro, a retail Point of Sale (POS) software company, for $36.5 million at the end of October.
Nayax’s CEO, Yair Nechmad, expressed that VMtecnologia’s remarkable performance and leadership in Brazil are in perfect alignment with Nayax’s strategic objectives, heralding a highly synergistic merger.
He emphasized that the Brazilian market is particularly attractive due to its significant growth potential within the global automated self-service industry, making it a strategic target for Nayax’s expansion efforts.
This acquisition not only broadens Nayax’s addressable market but also considerably enhances its market penetration in the automated self-service sector across Brazil and Latin America.