POSaBIT Acquires Payments Solutions Provider Hypur for US$7.5 Million, Adding Over US$100 Million in Annualized Payment GMV
TORONTO & SEATTLE — POSaBIT Systems Corporation (“POSaBIT” or the “Company”) (CSE: PBIT, OTC: POSAF), a premier point-of-sale and payments provider for the cannabis industry, today announced it has acquired certain assets from Hypur Inc. (“Hypur”), effective April 1, 2023, in a cash and equity transaction valued at up to US$7.5 million, implying a purchase price multiple of 1.4x 2022 revenue.1 Hypur is a leading provider of compliant, sustainable payment and bank compliance solutions for high-risk industries, including cannabis businesses. Hypur has extensive partnerships with banks and credit unions throughout the United States who have used Hypur’s technology to provide banking and payment services to the cannabis industry since 2016. Included in the acquisition is Hypur Comply, Hypur Pay, and Hypur’s PIN debit merchant processing solution. The acquisition enables POSaBIT to offer a more comprehensive suite of payment and compliance solutions for the cannabis industry, includi...