FinTech Imaging Solutions, Inc. entered into an agreement to acquire Digiliti Money, Inc. from Digiliti Money Group, Inc. for $2.62 million.

FinTech Imaging Solutions, Inc. (‘FinTech’) entered into an agreement to acquire Digiliti Money, Inc. from Digiliti Money Group, Inc. (OTCPK:DGLT) for $2.62 million on January 25, 2018. The consideration involves a secured promissory note of $2.37 million, which is subject to certain post-closing adjustments, payment of $0.25 million in cash and assumption of certain liabilities. FinTech shall also pay cash fee during the first year after the closing date of a percentage of revenues relating to the DMI prepaid card business being acquired by FinTech. Post-acquisition, Digiliti Money, Inc. will be merged into FinTech. The transaction is subject to approval of Board of Directors of FinTech and Digiliti Money, Inc. The transaction is expected to close by February 24, 2018. As of March 2, 2018, according to an amendment to the agreement, the transaction is expected to close no later than March 12, 2018. Ronniel Levy of CKR Law LLP acted as legal advisor to Digiliti Money, Inc. and Digiliti Money Group, Inc., while Frederick M. Mintz of Mintz & Fraade, P.C. acted as legal advisor to FinTech Imaging Solutions, Inc.