Triterras Signs Letter of Intent to Acquire Invoice Bazaar
March 11 2021 - 8:00AM
Triterras Inc. (Nasdaq: TRIT,
TRITW) (“Triterras” or the “Company”), a leading fintech
company for trade and trade finance, today announced that it has
signed a letter of intent to acquire Invoice Bazaar with operations
in UAE and offices in Dubai and India. Subject to satisfactory
completion of due diligence, the transaction is scheduled to close
on or around April 30, 2021. Following the close of the
transaction, Invoice Bazaar will continue to operate under its
current brand under the Triterras umbrella.
Founded in 2016 by a team of commercial bankers with prior
experience from Citigroup specializing in regional Supply Chain
Finance in the Middle East, Invoice Bazaar is an established
provider of supply chain finance services in the Gulf Cooperation
Council markets and operates a leading platform for supply chain
finance, accounts receivable financing and e-commerce vendor
financing serving multi-national corporations and small and medium
size enterprises (SMEs) alike in the Middle East region. Assuming
execution of binding definitive agreements, we expect that Invoice
Bazaar will assist us in operating and building the customer base
of our “Supply Chain Finance” module and that we will acquire
certain related intellectual property rights which we plan to
integrate into the Kratos platform.
Invoice Bazaar also has strong network with local banks in the
UAE.
“We are excited to partner with such an exceptional team and
accelerate several of our growth goals,” said Triterras Chairman
and CEO Srinivas Koneru. “This transaction establishes a strategic
presence for us in the Middle East with a UAE approved regulatory
structure already in place, allowing us to operate immediately upon
closing. Over time, we anticipate integrating Invoice Bazaar’s
leading supply chain finance capabilities into our Kratos
ecosystem.
“In addition, Invoice Bazaar brings to us a robust origination
pipeline with enterprise-level clients,” continued Koneru. “With
each of Triterras and Invoice Bazaar possessing deep networks
within our respective markets and offerings, we anticipate many
potential synergies will emerge once we are fully integrated.”
“We are grateful for the confidence that the Triterras team has
placed in us. We believe that with this transformative transaction,
Triterras’ strong lender relationships in the global marketplace
combined with our enterprise relationships will enable us to deploy
innovative Receivables and Supply Chain Finance solutions across
the Middle East market,” said Invoice Bazaar co-founder and CEO
Anand Nagaraj. “From the beginning of our discussions, it was clear
that we had an aligned mission: to digitize a centuries-old form of
finance in much need of modernization. Our combination leads us
closer to that goal.”
“Triterras’ award-winning Kratos platform and global network of
trader and lender relationships will allow Invoice Bazaar to offer
substantially more financial resources and value-added services to
our clients and suppliers. We are thrilled at the prospects ahead
for our team,” said Nagaraj.
The addition of Invoice Bazaar’s Supply Chain Finance platform
will supplement the Supply Chain Finance module currently in
development on the Kratos platform. It is yet another expansion of
capabilities for Triterras, having launched a Logistics Module in
partnership with Seven Oceans in January, an Insurance Module
in a partnership with Marsh in September and a strategic
partnership with Western Union on cross border payment services on
March 9, 2021.
The Kratos platform was recognized in December when the platform
won the Singapore Founder category of the FinTech Awards issued by
the Monetary Authority of Singapore.
About TriterrasTriterras is a leading fintech
company focused on trade and trade finance. It launched and
operates Kratos™—one of the world’s largest commodity trading and
trade finance platforms that connects and enables commodity traders
to trade and source capital from lenders directly online. For more
information, please visit triterras.com or email us at
contact@triterras.com.
About Invoice BazaarInvoice Bazaar is a 5
year old Dubai based FinTech start-up which has developed a
proprietary technology platform for offering Supply Chain Finance,
Receivables Finance and Dynamic Discounting. Invoice Bazaar’s team
has over 50 years of combined work experience across banking and
technology in global organizations like Citi, HSBC and Goldman
Sachs. The platform provides opportunity for large buyers to help
their smaller suppliers by having their receivables paid early.
Invoice Bazaar won the Middle East and North Africa Fintech of the
year award at FinTech Abu Dhabi, the most prestigious fintech event
in the region.Forward Looking StatementsThis press
release includes “forward-looking statements” within the meaning of
the “safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995. Triterras’ actual results may differ from their
expectations, estimates and projections and consequently, you
should not rely on these forward-looking statements as predictions
of future events. Words such as “expect,” “estimate,” “project,”
“budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,”
“will,” “could,” “should,” “believes,” “predicts,” “potential,”
“continue,” and similar expressions are intended to identify such
forward-looking statements. These forward-looking statements
include Triterras’ expectations with respect to future performance.
These forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from the expected results. Most of these factors are
outside Triterras’ control and are difficult to predict. Factors
that may cause such differences include but are not limited to
risks and uncertainties incorporated by reference under “Risk
Factors” in Triterras’ Form 20-F (001-39693) filed with the
Securities and Exchange Commission (the “SEC”) on November 16, 2020
(the “Form 20-F”) and in Triterras’ other filings with the SEC.
Triterras cautions that the foregoing list of factors is not
exclusive. Triterras cautions readers not to place undue reliance
upon any forward-looking statements, which speak only as of the
date made. Triterras does not undertake or accept any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements to reflect any change in its
expectations or any change in events, conditions, or circumstances
on which any such statement is based.
Investor Relations Contacts:Jim Groh, Triterras
Inc.Mobile: +1 (678) 237-7101Email: IR@triterras.com
Gateway Investor RelationsCody Slach and Matt
GloverOffice: +1 (949) 574-3860Email:
TRIT@gatewayir.comMedia Contacts:Gregory
PapajohnOffice of Corporate CommunicationsTriterras, Inc.Mobile: +1
(917) 287-3626Email: press@triterras.com
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