SinglePoint, Inc. (SING) Completes Acquisition of Worldwide Payment Gateway Services Company
Today before the opening bell, SinglePoint reported the acquisition of certain assets, including $1,137,123 revenues year to date, contracts and intellectual property, of Six Sigma Services. Acquired for 4 million restricted shares of SinglePoint, this payment gateway services company has customers worldwide.
Sigma has the rights to an additional 16 million restricted shares of SinglePoint Inc.’s common stock to be issued in tranches alongside revenue benchmarks to be met by Sigma. Benchmark figures to be reached include $500,000, $750,000, $1,000,000, and $2,000,000 derived from revenues earned by assets included in the acquisition.
SinglePoint CEO, Greg Lambrecht, states, “The acquisition of the Six Sigma assets and contracts equate to almost immediate additional revenues for SinglePoint. It also gives us additional access to the mobile payments market worldwide.”
He adds, “We service a strong and growing sector in the payments industry and I am confident that the agreement between SinglePoint and Sigma will add significantly to our bottom line.”
“The deal is a win-win as all are confident the performance potential for SinglePoint, inclusive of this acquisition, will have a significant positive impact on increasing shareholder value and overall growth,” comments Vara Prasad Boddu, CEO of Sigma. “We are confident that the company can generate an additional $1m+ in revenues by the end of Q1 2014.”
According to Gartner, Inc., the world’s leading information technology research and advisory company, worldwide mobile payment transaction values will reach $235.4 billion in 2013, a 44 percent increase from 2012 values of $163.1 billion. The number of mobile payment users worldwide will reach 245.2 million in 2013, up from 200.8 million in 2012.
“We expect global mobile transaction volume and value to average 35 percent annual growth between 2012 and 2017, and we are forecasting a market worth $721 billion with more than 450 million users by 2017,” said Sandy Shen, research director at Gartner.
In the press release issued this morning, SinglePoint said it looks forward to updating shareholders with further developments as it continues to harvest growth aggressively via sales, strategic mergers, and well-branded service offerings in a market set for exponential growth.
For more information, visit www.singlepoint.com