Perth-based Fintechs Join Forces to Tackle Global Business Payments
Today, Cirralto Limited (ASX: CRO), a feature-based payment company, announced a successful merger with Appstablishment, a Software-as-a-Service (SaaS) company. The companies have merged to form one company that delivers optimised business and payment solutions to a global market.
The merged entity, trading under Cirralto Limited, will utilise the software and integration framework developed by Appstablishment coupled with its own payments technology to improve business efficiency and provide businesses with access to increased payment options to get paid quicker and better manage their cash flow.
Cirralto will benefit from owning the key proprietary software and intellectual property, including the core product, Spenda, both domestically and internationally, which offers the potential to open up substantial markets for the development of new products and growth. It is also fundamental to enabling the further growth of SaaS solutions and the development of new intellectual property and software capabilities.
CEO of Cirralto, Adrian Floate, said that while the companies have been working together for the last four years through a licensing agreement, today’s merger means the businesses will now work together towards a joint future.
“This acquisition enables Cirralto to take the next step in its ambition to be a leading integrated payments provider. Appstablishment brings skilled people, know-how, IP and an established customer base.
“Cirralto has the technology to process payments and Appstablishment, a platform for creating, sharing and integrating transactions between a buyer and seller. This union will enable Cirralto to accelerate its growth and solidify the company’s position as a unique feature-based payments company with a capacity to layer revenue from all players in the value chain.”
“The alignment of our IP will enable us to transition into the company we want to be in the future and deliver smarter solutions to the market while better serving the needs of our customers and increasing returns for our shareholders,” added Cirralto CEO, Adrian Floate.
The integration of Appstablishment’s proven SaaS offering and existing customer base, combined with the company’s data migration software and established development team, will be an asset for Cirralto, and its customers, moving forward.
Director of Appstablishment, David Wood, said the merger meant his team could help more businesses streamline their process and work more effectively.
“Appstablishment has always developed great software. Since 2001, we have fine-tuned our skills in facilitating online transactions and data sharing on mobile devices. Over the years, we have built and taken nearly 20 products to market.”
“Appstablishment has spent the last four years focused on developing Spenda, a platform that delivers everything a business needs to run its operations, plus integration, data cloud EDI and payments.”
“I’m very excited that the merger is complete and the two teams can work together to deliver better outcomes for Australian businesses,” he said.
Cirralto will continue to focus on the roll-out of its SaaS and payment solutions, adding more end-users within the network and providing them with improved business efficiencies and payment practices.