Lesaka Technologies Set to Acquire Adumo Following Regulatory Approval

Lesaka Technologies Proprietary Limited is poised to acquire Adumo, with the Competition Commission recommending approval of the transaction without conditions.

Lesaka, a subsidiary of Lesaka Technologies Inc., which is listed on the Nasdaq and JSE, is a key player in South Africa’s payment solutions sector. The Lesaka Group, under Lesaka Tech’s umbrella, offers a range of financial services including transactional banking, short-term loans, digital wallets, and value-added services (VAS) to both consumers and merchants. Their offerings extend to ATM hardware, cash management, point of sale (PoS) systems, and online payment solutions.

Adumo, controlled by Crossfin APIS Transactional Solutions, specializes in merchant acquiring and payment solutions. Their services include embedded payments, payment integrations, merchant advances, customer engagement solutions, and analytics.

The Commission’s assessment indicates that the acquisition will not substantially reduce competition or raise significant public interest concerns. With the approval, the transaction moves forward, promising to enhance Lesaka’s service portfolio and market reach.