(CSE AUSA) (OTCPINK AUSAF) has completed the US$120,000 all-stock acquisition of Paytron LLC, a privately-held omnichannel payment services company.
In a statement, Australis said it plans to integrate Paytron with another company in its portfolio, Cocoon Technology LLC, which manufactures consumer-facing kiosks as stand-alone units or multi-unit pods for consumers and a mobile application and tablet for employees of cannabis retail locations.
Adding Paytron to the mix expands Cocoon’s payment acceptance, allowing it to capture additional revenue, it added. The acquisition includes all active merchant accounts, access to Fiserv and TSYS processing platforms, Paytron’s existing processing partnership with Magnify Payments as well as its reseller partnerships.
READ: Australis Capital's Cocoon Technology nears launch of kiosks in one of Nevada's largest cannabis retailers
"Paytron will have an immediate impact to Cocoon's current feature set and additional verticals in the future while accelerating Paytron's baseline business concurrently," VP of Payments Marc Ruben said in the statement.
"This is a fantastic opportunity for significant growth as an independent Merchant Services Provider in North America especially given recent business interruptions and evolving technologies."
Additionally, Australis said its management and officers purchased a total of 1.7 million common shares, good for just over 1% of outstanding shares. The stock was purchased on both the CSE and OTC between March 10 and April 6 for investment purposes, the company added.
Australis is a Las Vegas-based firm that aims to build companies through early-stage, opportunistic and diversified investments in the cannabis sector in the US and abroad.
Contact Andrew Kessel at [email protected]
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