NEXT Group Holdings Inc. signed a letter of intent with CIMA Group Inc. to acquire technology platforms valued at $21 million from Cima subsidiary companies Auris and Knetik, in exchange for a 25% equity stake in Next Group Holdings.
The company said March 1 that it plans to use Auris and Knetik technology to centralize, coordinate and authenticate all transactions on its Cuentas product portfolio. The letter of intent is based on a $50 million valuation of Next Group Holdings by Cima Group and includes global exclusive licensing for the company. Next Group Holdings will also pay Cima $3.5 million over the next four years.
Next Group Holdings' Cuentas product portfolio will be the first multifunctional Mobile Wallet that will use the Auris and Knetik technology to let users on a single platform carry out a number of financial transactions.
Auris offers cloud-based back office support services, while the Knetik platform offers services for management of online digital experiences.
Cima Group is a global telecommunications and digital services provider and integrator.
