Vastavam web: Ahmedabad-based Infibeam today said its wholly-owned subsidiary has acquired digital payment processing company Vavian International for AED 4.32 million (about Rs 8.01 crore).”…Infibeam Global EMEA FZ-LLC, has acquired 100 per cent shareholding of Vavian International Ltd, one of the fast growing digital payment processing company in Middle East region, for AED 4.32 million,” Infibeam said in a statement. The acquisition, which is expected to be completed in the next 2-4 weeks, is part of company’s international expansion of digital platform and payment solutions.
Vavian processes approximately 2,500 transactions with transaction value of AED 2 million on daily basis. Registered in June 2017 in Dubai, its monthly gross income is about AED 6,00,000. “By this acquisition, our company will have multi-fold opportunities of growing its online digital payments as well as other related businesses in Middle East region and further value addition opportunities in those markets,” Infibeam said in a regulatory filing adding that the deal is expected to be significantly value accretive for the company.