Nayax to acquire OTI for $4.5m

Cashless payment platform Nayax has entered into “a binding term sheet” to acquire On Track Innovations (OTI) for $4.5 million.

OTI, which operates in 55 countries, develops smart payment solutions for unattended machines such as automatic vending, self-service kiosks and payment terminals.

The acquisition will support Nayax’s continued expansion and will be completed in two phases. Nayax will first lend OTI around $5.5 million to repay its outstanding debts, which will be compensated in two years, bearing a 10% annual interest rate. In the second phase, which is expected to begin within 21 days of signing the loan agreement, OTI will be fully merged into Nayax.

Nayax’s CEO, Yair Nechmad, said: “This acquisition is an important step in our plan to gain share in our targeted markets and accelerate our growth opportunities in territories such as Japan”. 

He continued: “OTI has an experienced workforce, a high-quality and loyal customer base as well as significant operations in the automatic refuelling system market. This transaction supports Nayax’s strategic business plan, as we constantly explore potential acquisitions with complementary technologies that will support our continued growth.”