Bakkt Holdings, Inc. (NYSE: BKKT), an Alpharetta, GA-based digital asset platform that unlocks crypto and drives loyalty to create connected experiences for a broad range of clients, is to acquire Chicago, IL-based Apex Crypto, LLC from Apex Fintech Solutions, Inc.
Under the terms of the agreement, expected to close in the first half of 2023 and subject to required regulatory approvals, Bakkt will acquire Apex Crypto for a maximum purchase price of $200m. Bakkt will initially pay $55m in cash at the closing of the deal, and up to $45m in Bakkt stock depending on the achievement of financial targets by the acquired business in the fourth quarter of 2022; up to an additional $100m in Bakkt stock and seller notes may be paid depending on the achievement of financial targets by the acquired business through 2025.
This acquisition is expected to bolster Bakkt’s cryptocurrency product offering and expand its footprint into additional client verticals including fintechs, trading app platforms, and neo-banks.
Apex Crypto is a platform for integrated crypto trading, which supports clients with a solution for execution, clearing, custody, cost basis and tax services facilitating the delivery of crypto investing in more than 30 tokens.
Bakkt and Apex Fintech Solutions will also enter into a commercial agreement that memorializes the continued relationship and provision of Bakkt crypto solutions to Apex’s 220+ clients. As part of the ongoing collaboration, Apex Fintech Solutions will have the opportunity to bring Bakkt’s platform solutions to its clients.
Led by Gavin Michael, CEO, Bakkt is a digital asset platform that unlocks crypto and drives loyalty to create connected experiences for a broad range of clients. The platform, available through the Bakkt App and to partners, amplifies consumer spending and bolsters loyalty programs, adding value for all key stakeholders within the Bakkt payments and digital assets ecosystem. Launched in 2018, Bakkt is headquartered in Alpharetta, GA.
FinSMEs
03/11/2022