Digital asset platform Bakkt is ready to go through its $200 million acquisition of the crypto firm Apex Crypto from Apex Fintech Solutions.
Bakkt’s $200M Deal
Bakkt Holdings has finally signed the contract to acquire Apex Crypto from Apex Fintech Solutions in a move to bolster Bakkt’s crypto offering and expand its client base by embracing verticals like fintech, trading app platforms, and neo-banks. The maximum purchase price of the acquisition has been fixed at $200 million, of which Bakkt will pay the initially $55 million in cash once the deal is closed. The buying company can pay upto $45 million in Bakkt stock based on financial targets met by the acquired business in Q4 2022. Finally, the acquiring company can pay upto $100 million in Bakkt stock and seller notes based on financial targets met by Apex through 2025. Since the joint capabilities of Bakkt and Apex Crypto are targeting more advanced crypto products, the transaction will require regulatory approvals.
CEO Talks Next-Gen Consumers
Bakkt CEO Gavin Michael spoke at length regarding the acquisition and the path forward. He claims that the acquisition will help the company become the crypto provider of choice for financial institutions, fintech organizations, merchants, or loyalty programs that are looking to offer seamless crypto experiences to their customers. Furthermore, he also talked about being able to access more innovative opportunities targeting the next generation of consumers through crypto rewards and NFTs.
“We found a unique asset in Apex Crypto, which will expand our crypto client base, provide us with faster speed to market for new crypto capabilities and serve as an additional avenue for continued sales to a crypto-savvy audience through Apex Fintech Solutions.”
Bakkt Platform For Apex Fintech Clients
Since Apex Crypto’s turnkey platform facilitates integrated crypto trading, it is a well-suited tool to support the needs of over 30 fintech firms and their rapidly expanding customer base. It provides solutions for execution, clearing, custody, cost basis, and tax services for over 30 crypto tokens for seamless crypto investing. The contract encompasses a commercial agreement between Bakkt and Apex Fintech Solutions that will bring the former’s crypto solutions to the 220+ institutional clients of the latter. This means that Apex Fintech Solutions will be able to offer Bakkt’s leading platform solutions to its entire client base.
Apex Fintech CEO, William Capuzzi, spoke at length about the acquisition deal, saying
“It’s our purpose at Apex to enable frictionless investing for everyone and Bakkt’s team and platform are a tremendous complement to that. We look forward to working together to continue to provide customers a seamless crypto experience and access to an expanded solution set. This is the beginning of an exciting time of growth and innovation for both of our organizations.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.