JanOne Inc. announced that it has executed a Definitive Agreement to acquire blockchain financial technology provider, ALT 5 Sigma Inc., a Delaware corporation, and each of its wholly-owned subsidiaries. The transaction is anticipated to close the week of May 13th, 2024 and is subject to customary closing conditions and regulatory requirements as applicable.
Launched in 2018, ALT 5 is a fintech that provides next generation blockchain-powered technologies to enable a migration to a new global financial paradigm. ALT 5, through its subsidiaries, offers two main platforms to its customers: “ALT 5 Pay” and “ALT 5 Prime.”
ALT 5 Pay is a crypto-currency payment gateway that enables registered and approved global merchants to accept and make crypto-currency payments or to integrate the ALT 5 Pay payment platform into their application or operations using the plugin with WooCommerce and or ALT 5 Pay’s checkout widgets and APIs. Merchants have the option to convert to fiat currency (US Dollars, Canadian Dollars, Euros, and British Pounds Sterling) automatically or to receive their payment in digital assets.
ALT 5 Prime is an electronic over-the-counter trading platform, that enables registered and approved customers to buy and sell digital assets. Customers can purchase digital assets with fiat and, equally, can sell digital assets and receive fiat. ALT 5 Prime is available through a browser-based access, mobile phone application named “ALT 5 Pro” that can be downloaded from the Apple App Store, from Google Play, through ALT 5 Prime’s FIX API, as well as through Broadridge Financial Solutions’ NYFIX gateway for approved customers.
According to Research and Markets.com (1) “The Payment Processing Solutions Market size is estimated to grow from approximately USD 100 Billion in 2023 at a CAGR of 9.5% during the forecast period from 2023 to 2030.” In addition the report states, “Technological advancements, including artificial intelligence, machine learning, and blockchain, are revolutionizing the payment processing landscape.” (1) Source https://ca.finance.yahoo.com/news/global-payment-processing-solutions-market-121800862.html
“We believe that ALT 5’s innovative solutions provide significant competitive advantages in this market and together we can help them continue their growth,” said Tony Isaac, President and CEO of JanOne Inc. “The innovative products and services delivered by ALT 5 to its global customers are at the forefront of the payment processing industry and have contributed to reducing risk and eliminating costly credit card charge-backs. In addition, ALT 5 has developed a profitable business that we can assist to rapidly scale globally. With ALt5 as the foundation, we will begin working with the Alt5 team to identify additional opportunities for expansion of the product portfolio, and the scale of the business.”
Mr. Andre Beauchesne, President of ALT 5 Sigma Inc., stated, “Since our beginning in 2018, it has been one of our objectives to be a part of publicly traded company and being acquired by JanOne starts a bright new chapter in our growth story.” He added, “As we continue to build on our strong foundation, JanOne’s management team and public listing will help leverage many opportunities.”
Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!