Perth-based food ordering app Rewalty (POSTech International Pty Ltd) has announced that they have been signed a Share Purchase Agreement to be acquired by I-Synergy Group Ltd (ASX:IS3), with the proposed acquisition settlement for early March of this year.
Speaking of the acquisition, Rewalty Founder and CEO Kevin Coutinho shares that the partnership brings “excitement and great enthusiasm”.
As a group, we shall focus on innovating and expanding the current SaaS offering, as well as initialise and bring to market blockchain based market application products that will cater to the growing needs of this industry
We will keep working on bringing the much needed innovation to the market”.
Kevin Coutinho
As part of the acquisition, Mr Coutinho will be appointed as Executive Director and Chief Technical Officer of iSynergy.
Commenting on the newly reached agreement, iSynergy Managing Director Dato Lawrence Teo Chee Hong believes that the acquisition will “provide iSynergy with a greater presence in Australia”.
ISynergy intends to leverage POSTech’s technology via utilising the Company’s existing affiliate marketing expertise to improve the POSTech platform.
The two businesses will also be able to share expertise in the form of management and technology, with the aim of improving iSynergy’s service offerings to clients across Australia and SouthEast Asia.
Dato Lawrence Teo Chee Hong
In the agreement, the total consideration payable by IS3 comprises the issue of 55 million fully paid ordinary consideration shares at a deemed issue price of 3.6 cents per share, as well as the issue of 55 million unlisted consideration options at an exercise price of 5 cents with an expiry date of two years from the date of issue.
Upon settlement of the SPA, iSynergy has proposed to conduct a placement to raise $992,010, of which about 80 per cent of funds raised will be used to fund POSTech activities.
Funds totalling $992,010 are planned to be raised through the issue of 27,555,838 fully paid ordinary shares at an issue price of 0.036 cents per placement share to sophisticated investors being clients of Alto Capital.
About Rewalty
Launched in early 2021, Rewalty is Australia’s first blockchain-based loyalty and food ordering startup, and founded in Perth.
Unlike food ordering apps that focus on convenience, Rewalty goes beyond with a heavy focus on customer loyalty. Rewalty customers are rewarded with every order through loyalty points that can be spent at any restaurant within the Rewalty network.
While a new player in the highly competitive food-ordering industry, Rewalty feels it can attract businesses with its unique marketing features and generously low rates.
The Rewalty app is available on the App Store and Google Play store.
