Bakkt Holdings, a digital asset platform, has agreed to acquire Apex Fintech Solutions for a stock purchase price of $200 million to strengthen Bakkt's cryptocurrency product offering and expand its presence into additional client verticals, including fintech, business applications and Neo. - Banks.
Bakkt will initially pay $55 million in cash at closing and up to $45 million in Bakkt stock in the fourth quarter of 2022, subject to the success of the company's financial goals; Up to $100 million worth of shares and promissory notes from the baht seller could be paid out depending on the achievement of the company's financial goals by 2025.
The transaction is expected to close in the first half of 2023 and is subject to mandatory regulatory approval.
"We have acquired a unique asset in Apex Crypto that will expand our crypto customer base, provide us with faster speed to market for new crypto opportunities, and serve as an additional way to sell to a growing crypto- savvy audience by Apex FinTech Solutions.” This was announced by Bakkt CEO Gavin Michaels.
“In addition to this additional business, we believe we are ready to become a crypto provider for financial institutions, fintech companies, merchants or loyalty programs that want to offer their customers a seamless crypto experience. It is expected that this will allow us to open up more new opportunities that will attract consumers to the next generation, such as crypto-rewards and NFTs.
Bakkt believes that the Apex Crypto platform will accelerate innovation and development of its products, and our additional partners will provide enhanced capabilities and functionality through additional crypto solutions.
Launched in 2019, Apex Crypto was created to enable investors to transition from trading stocks to cryptocurrencies by providing efficient account opening and funding solutions.
Additionally, the Apex Crypto platform handles the complex licensing and regulatory obligations associated with investing in cryptocurrencies, allowing clients to focus on providing a comprehensive user experience.
Apex Crypto supports its clients with a robust solution for execution, clearing, protection, valuation and tax services for hassle-free crypto investments in 30+ tokens.
Under the terms of the agreement, Bakkt and Apex Fintech Solutions will establish an ongoing relationship with more than 220 Apex clients and enter into a business arrangement that will resemble Bakkt's crypto solutions.
As part of the ongoing collaboration, Apex Fintech Solutions will be able to offer its clients solutions on the Bakkt platform.
William Capuzzi, CEO of Apex FinTech Solutions, said: “Our mission at Apex is to make investing seamless for everyone, and the Buckt team and platform are a great addition to that.
"We look forward to working together to provide our customers with a convenient cryptographic experience and access to an expanded set of solutions. This is the start of an exciting period of growth and innovation for both of our companies."