Next Group Holdings Enters Into LOI With Cima Group to Acquire Global Exclusive Licensing of FinTech Intellectual Property (IP)
MIAMI, March 01, 2018 (GLOBE NEWSWIRE) — via OTC PR WIRE—Next Group Holdings , Inc. (NXG) (NXGH), a FinTech service provider delivering mobile banking, prepaid debit and credit and telecommunications services to underbanked and underserved communities, has entered into a Letter of Intent (LOI) with Cima Group(Cima), a global telecommunications and digital solutions provider and integrator, to acquire technology platforms valued at $21 million from Cima’s subsidiary companies Auris and Knetik, in exchange for a 25 percent equity stake in NGH.
The Auris and Knetik technology will become the financial engine of NGH used to centralize, coordinate and authenticate all transactions on its Cuentas product portfolio. Using the Auris and Knetik technology, NGH’s Cuentas product portfolio will be the first multifunctional Mobile Wallet, allowing users on a single platform to seamlessly perform a myriad of financial transactions including, but not limited to, mobile banking, international remittances, gift card purchases, health insurance purchases and domestic and international “Top-Ups.”
Auris provides cloud-based back office support solutions, while the Knetik platform offers services for management of online digital experiences. In use by companies ranging from Fortune 500 to small startups, their technology will combine to provide a more efficient end-user experience for NGH’s FinTech customers.
“Auris and Knetik are among the world’s leading FinTech technologies and will allow us to provide a new level of service through our unique Cuentas product portfolio,” said Arik Maimon, CEO of NGH.“Their technology will be fully integrated into the Next Group Holdings Cuentas platform, positioning our company as a leader in online mobile banking solutions.”
The LOI provides NGH an exclusive acquisition of Cima Group’s Auris and Knetik technology within the FinTech industry as well as ongoing support services. The LOI is based on a $50 million valuation of NGH by Cima Group. In addition to receiving a 25 percent equity stake in NGH, NGH will also pay Cima $3.5 million over the next four years.
“I believe strongly in the future of Next Group Holdings,” said Juan Martin Gomez, CEO of Cima.“They are quickly becoming a global innovator in bringing much needed access to financial and telecom services to traditionally underserved areas.”
About Next Group Holdings, Inc.
Next Group Holdings, Inc. (NXGH) is a corporation headquartered in Miami, Florida, which, through its operating subsidiaries, engages in the business of using proprietary technology and certain licensed technology to provide innovative mobile banking, mobility, and telecommunications solutions to underserved, unbanked, and emerging markets. Learn more at http://www.nextgroupholdings.com.
About Cima Group
Cima Group is committed to delivering simple solutions through reliable technology and innovative services. Cima Group is a global telecommunications and digital solutions provider and integrator. Since 1981, Cima Group has provided retail long distance services, wholesale international and domestic long distance services, and value-added platform service applications that manage Retail, Wholesale, and Top Up telecommunications services and products. Learn more at https://www.cimagroup.com.