Sagi to float payment solutions provider SafeCharge
Flotation on London's AIM hopes to raise $100m one-week after Sagi sold £326m worth of Playtech shares
Playtech founder Teddy Sagi is to list payments provider SafeCharge on London’s Alternative Investment Market this morning, a week after he raised around £326m through the sale of Playtech shares.
According to the Financial Times, the listing would take SafeCharge’s market capitalisation to between £210m-£230m and see Sagi’s 90% stake in the company dilute to around 63%.
The firm is hoping to raise $100m in new equity from the listing in order to fund the development of a new digital wallet solution and potential future acquisitions.
SafeCharge’s payment solutions have been adopted by several egaming companies including Playtech, which paid more than 0.5m in operating expenses to the firm throughout 2013.
The firm’s links to Playtech also extend to its chairman Roger Withers, who served as Playtech chairman for more than seven years prior to his departure last October.
Other clients in the egaming space include Gala Coral, which integrated SafeCharge’s payments solution in August 2012.
SafeCharge recently launched a customisable deposit and withdrawal solution for online merchants, dubbed Cashier, which enables them to facilitate 1-click deposits and withdrawals while also adopting localised features and payment providers.
SafeCharge’s revenues throughout 2013 amounted to $43.1m, a 31% increase over 2012’s revenue and it recorded adjusted EBITDA of $11.2m. Forecasted 2014 adjusted EBITDA is $18.1m, which would represent a 61% increase year-on-year.