Integrated Payment Technologies Limited (ASX:IP1) entered into a merger agreement to acquire Comply Path Holdings Pty Ltd. from Unlocked Investments Pty Ltd, GJB Consulting Pty Ltd, Digital Niche Investments Pty Limited and Clinton Capital Partners Pty Ltd for AUD 19.5 million on November 17, 2020. Under the terms of the transaction, IP1 will issue 573 million shares to the shareholders of Comply Path. Pursuant to the transaction, key management personnel will comprise existing management and staff from both IP1 and Comply Path, in particular Comply Path’s current Chief Executive Officer, Joe Brasacchio, will become the Chief Technology Officer of the Merged Group. The Board of Directors of the merged group will be comprised of Don Sharp as the Executive Chair, Paul Collins, Trent Lund and Randolf Clinton as Non-Executive Directors with an intention to appoint an independent non executive chair within 6 months of the Transaction’s shareholder approval. The deal is subject to the approval of IP1 shareholders, which will be sought at IP1’s Annual General Meeting to be held on January 21, 2021 and the Comply Path shareholders entering into voluntary escrow deeds whereby 50% of the IP1 shares received by them under the Transaction will be escrowed for a period of 12 months and the remaining 50% of the IP1 shares received by them will be escrowed for 24 months from issue. The Board of Directors of IP1 unanimously recommended the transaction. On December 17, 2020, Integrated Payment Technologies Limited issued notice to its shareholders for general meeting to be held on January 21, 2020. On December 18, 2020, the independent expert of Integrated Payment Technologies Limited recommended the shareholders to vote in favor of the transaction. Leadenhall VRG Pty Ltd acted as independent expert to Integrated Payment Technologies Limited. Integrated Payment Technologies Limited (ASX:IP1) completed the acquisition of Comply Path Holdings Pty Ltd. from Unlocked Investments Pty Ltd, GJB Consulting Pty Ltd, Digital Niche Investments Pty Limited and Clinton Capital Partners Pty Ltd on January 28, 2021.