Triterras Acquires Invoice Bazaar
18 May 2021 - 6:05AM
Triterras Inc. (Nasdaq: TRIT,
TRITW) (“Triterras” or the “Company”)
, a
leading fintech company for trade and trade finance, today
announced that it has executed definitive agreements in connection
with its previously announced Letter of Intent for the acquisition
of Invoice Bazaar, an established provider of supply chain finance
services and e-commerce financing in the Gulf Cooperation Council
markets. The transaction is subject to customary closing
conditions.
Invoice Bazaar’s 3 member founding team based in Dubai will be
joining the Company’s existing Leadership Team.
Under the terms of the transaction, Triterras will pay
shareholders of Invoice Bazaar up to $8 million USD over the next
two years, subject to the achievement of certain revenue
milestones. The Company anticipates that the transaction will be
accretive to earnings within one year post close.
“This transaction is a truly transformative moment for our
Company as it brings together a strong origination team in the
Middle East along with an innovative financing solution for
merchants to certain e-commerce companies,” said Srinivas Koneru,
Chairman and CEO of Triterras. “Triterras now has an exceptional
team located in the strategically important Middle East region,
with licenses to operate immediately. Invoice Bazaar’s capabilities
in supply chain finance, receivables financing, and e-commerce
supplier financing complements our Kratos platform and provides a
blueprint for rollouts into other geographies.”
Anand Nagaraj, the senior leader of Invoice Bazaar, commented,
“Our whole team is very excited to be joining forces with
Triterras. We believe Triterras will provide us with a
robust, established network of top tier lenders, innovative lending
solutions and technology enhancements to our platforms that will
greatly accelerate our growth in capitalizing on tremendous
opportunities.”
Below are brief biographies of the new members joining the
Triterras’ Leadership team from Invoice Bazaar:
Anand Nagaraj – Executive Vice President, Middle
EastMr. Nagaraj is responsible for the management and
growth of the Company’s Middle East business. He founded Invoice
Bazaar and served as its CEO until its sale to Triterras. Mr.
Nagaraj has 18 years of financial services and fintech experience
in Asian and Middle East markets. Prior to founding Invoice Bazaar
in 2016, he served as Senior Vice President at Citi heading the
Middle East Commercial Banking Products including Supply Chain
Financing. Mr. Nagaraj is based in Dubai, and reports to Chief
Operating Officer, John Galani. He holds a Post Graduate Program in
Management qualification from the Indian Institute of Management,
Kozhikode and completed a Fintech Certificate Course from the
Massachusetts Institute of Technology.
Ashok Balasubramanian – Vice President, Business
Development, Middle EastMr. Balasubramanian was a member
of the founding team at Invoice Bazaar and since its inception has
been responsible for Invoice’s Bazaar’s business development, a
role he will continue at Triterras. Prior to joining Invoice
Bazaar, he served as an Assistant Vice President managing
commercial banking client relationships at Citi. Mr.
Balasubramanian is based in Dubai and reports to Mr. Nagaraj. He
holds a Masters in Business Administration from Welingkar Institute
of Management, India.
Sumit Rungta – Vice President –
Relationship Management, Middle EastMr. Rungta was a
member of Invoice Bazaar’s founding team and has been responsible
for managing Invoice Bazaar’s Client Relationship Management Team
and Partnerships since inception. Prior to joining Invoice Bazaar,
he was responsible for Transaction Banking requirements of
Commercial Banking clientele in the Middle East at Citi. Mr Rungta
is based in Dubai and reports to Mr. Nagaraj. He holds a Masters in
Business Administration from SP Jain Institute of Management &
Research in Mumbai, India.
About Triterras Triterras 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
management team has over 50 years of combined work experience
across banking and technology in global organizations including
Citi, HSBC and Goldman Sachs. Invoice Bazaar’s platform provides
opportunities 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 related to (i) the timing of the closing of
the Invoice Bazaar acquisition, and (ii) the anticipated effects of
the of such acquisition, as well as the risks set forth 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.com
Media Contacts:Gregory PapajohnOffice of Corporate
CommunicationsTriterras, Inc.Mobile: +1 (917) 287-3626Email:
press@triterras.com
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