Piper Alderman advises on acquisition of cryptocurrency payment platform, Paid By Coins
23/01/2019
Piper Alderman has advised Paid By Coins in relation to its acquisition by Mobecom. The global customer-engagement technology developer agreed to pay $6m to $20m, depending on revenue targets achieved, for Paid by Coins. The start-up is a cryptocurrency payment platform developer that came out of Australian technology innovator Lakeba. Paid by Coins has achieved one of the largest potential acquisition deals for a business founded only 7 months ago.
Piper Alderman Partners Michael Bacina and Andrea Beatty advised on the deal, providing legal advice in relation to financial services regulation of the blockchain and cryptocurrency compliance of Paid By Coins.
Giuseppe Porcelli of Lakeba said:
“The Lakeba model has been integral in the launch of Paid By Coins in February as a brand new business to the significant sale of the business. Partnering with Mobecom will bring significant benefits for both partners.”
Neil Joseph, CEO of Mobecom said “There are great synergies between Paid By Coins and Mobecom’s existing products, particularly our Muulla and airBux platforms. This acquisition will help rapidly advance our business in the digital currency space.”
Michael Bacina, Piper Alderman said:
“It’s great to see such a significant acquisition of such a young company operating in such an early stage and rapidly growing industry. This underscores how fast and valuable blockchain businesses can become as the technology continues to be adopted. In this space business moves very fast and it’s a pleasure to have had a collaborative approach with the legal teams to overcoming challenges.”