- Gateway Innovations Limited’s first project, the $200 million Ghana Cyber City, is set to become West Africa’s premier hub of innovation
- The acquisition brings Xalles Holdings one step closer to its goal of establishing a series of strategic global fintech centers
- Xalles aims to sustain profitability through revenue growth and continued vigilant expense management techniques in 2020
Xalles Holdings Inc. (OTC: XALL), one of the first providers of payment and financial transaction management solutions through proprietary blockchain-based technology, announced it has executed an agreement for the acquisition of Gateway Innovations Limited. This company, which is based in Accra, Ghana, is a major investor in Africa’s fintech and IT market, according to a Xalles Holdings press release (http://ibn.fm/pwId5).
Under the agreement, Gateway will become a wholly owned subsidiary of Xalles. The closing date is February 14, 2020. Gateway will receive restricted shares in Xalles in exchange.
Gateway Innovations develops high impact tech parks in Africa. Its aim is to maximize the productivity of businesses in West Africa by developing “smart city” solutions. The first such project, Ghana Cyber City comprises intelligent leasing workspaces, resources and technological infrastructure to incubate and accelerate new fintech and other ventures, a high-tech campus of business colleges, a top-tier data center, and more.
Ghana Cyber City, worth $200 million upon completion, is being developed on land leased from the University of Ghana. A master plan, site plan, and financing plan have already been drafted. Xalles is bringing its fintech expertise to the project. Within the overall Ghana Cyber City will be the first of its kind Africa Fintech Center.
“We are pleased to announce this acquisition as a step towards establishing a series of strategic global fintech centers and even more pleased that the first of its kind will be based in the high growth market of Ghana in West Africa,” Thomas Nash, CEO of Xalles Holdings, stated in a news release. “I have known and worked with Gateway’s founders since 2006 and the combined skills and experience of the management team plus the unique opportunity this project presents financially will provide a considerable asset and income value to Xalles.”
Xalles is a fintech holding company leveraging blockchain and other technologies for e-commerce, payments, financial reconciliation, and payment auditing solutions. The company actively seeks acquisition targets with strong management teams and business models, large total attainable markets, and lucrative exit opportunities in which to invest and accelerate growth.
Xalles Holdings plans to make cryptocurrency trading and other related services more accessible to clients. Focused on business, consumer, and government-oriented payment and financial reconciliation transactions, the company is building technology that supports payment exchange, audits, and new business models and global opportunities by combining the blockchain decentralized financial ledger platform with the company’s existing, state-of-the-art transaction reconciliation system design.
Xalles was among the first providers of payment and financial transaction management solutions through proprietary blockchain-based X2X technology. One of these solutions is the IFS (Investment and Financing System), which provides links to Xalles’ Financial Transaction Reconciliation (FTR) solution, supports complex investment structures, assists international investment corporations, and more.
In addition, the company will launch new services card and mobile payment and rewards systems, and will expand the technology offerings for referral marketing and e-commerce engines – a move expected to bring significant opportunities given the rise of mobile payment systems and the continued expansion of business-to-business e-commerce. According to a Business Insider Intelligence report, mobile payment systems are becoming more and more popular, with consumers becoming less dependent on fiat currencies as a result. Non-cash transactions are expected to surpass one trillion by 2023 (http://ibn.fm/rJBq2).
For more information, visit the company’s website at www.Xalles.com
NOTE TO INVESTORS: The latest news and updates relating to XALL are available in the company’s newsroom at http://ibn.fm/XALL
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