Mobile financial services company Vipera has agreed to be acquired by Italy-based Sella Open Fintech Platform (SOFP), the fintech arm of Gruppo Banca Sella, a family-owned banking and financial services group.

Talk of the acquisition first began on March 22. This week, SOFP’s board of directors and Vipera Directors Luciano Martucci and Martin Perrin have agreed upon a cash offer. The offer price of $0.11 per share values Vipera at just over $34 million, a premium of 20%. Commenting on the offer, which is subject to approvals, Vipera Director and Chairman Luciano Martucci said, “Gruppo Banca Sella has been a valued customer of Vipera for some time and a shareholder since July 2017. I am pleased that our increasingly close relationship has led to our shareholders being offered a fair price and to Vipera’s businesses being able to develop as part of the SOFP Group.”

Vipera was founded in 2015 and went public in 2010. The company is listed on the London Stock Exchange under the ticker VIP. Headquartered in London, Vipera has 125 employees and three million registered users. Last July, Vipera acquired SoftTelecom for $1.5 million.

The company offers a range of personal and corporate banking systems, along with customer engagement analytics and marketing tools. At FinovateEurope 2016, Vipera demonstrated MOTIF, a system that offers mobile banking, mobile payments, and mobile card control. The access to consumer data offers banks actionable insights that generate location and context-based mobile offers. The personalized offers are sent to the user’s phone at an appropriate time to enhance the shopping experience and build user engagement with their bank.

Most recently, Vipera teamed up with Mastercard at FinovateEurope 2018 to debut SME-pay, a mobile payment solution tailored for small and medium sized businesses. During the demo, Vipera Chief Commercial Officer Simon Pearce, along with Mastercard’s VP of Small Business Products Dick Paul, demoed how SME-pay allows business owners to decide when, where, and how employees can use their business payment cards.

Mobile financial services company Vipera announced today it is acquiring SoftTelecom. The deal is expected to close for $1.5 million (€1.3 million).

Madrid-based SoftTelecom is a fintech and telecom software solutions company focused on open source technologies, including PSD2 and blockchain development projects. The company has 18 employees who serve clients in Madrid, the Netherlands, and the U.K. In 2016, SoftTelecom had an operating profit of $289,000 (€247,000) and recorded net assets of $856,000 (€734,000).

Vipera’s primary goal with the acquisition is to bolster product development. Specifically, the company sees SoftTelecom as a “launchpad for expanding Group sales into the Spanish market with a local delivery capability in the Iberian region. “London-based Vipera offers its MOTIF platform to clients in Asia, the Middle East, and Europe. MOTIF is comprised of three personal banking products: Mobile Banking, Mobile Payments, and Mobile Card Control.

Simon Pearce (Chief Commercial Officer) and Andrea Gambirasio (Head of Sales Support) demo Vipera’s MOTIF at FinovateEurope 2016 in London

At FinovateEurope 2016, Vipera demonstrated how MOTIF can generate location and context-based mobile offers. The personalized offers are sent to the user’s phone at an appropriate time to enhance the shopping experience and build user engagement with their bank. In the demo, the company’s Chief Commercial Officer Simon Pearce explained how the real-time contextual offers engine “can be used by banks and merchants to deliver appropriate offers right into the handset of the user with a reward or offer appropriate to them at the right time, but most importantly, in the right place.”

Vipera also announced today that Sella Bank Group has subscribed $2.9 million (€2.5 million) for 40 million shares in Vipera at a price of just over 7 cents per share. Last month, the company partnered with core banking provider Mambu and in April it won its largest contract to-date, worth $2.4 million in revenue.

Vipera was founded in 2005. Marco Casartelli is CEO.