Credit Intelligence (ASX:CI1) to acquire majority share of OneStep I.T

• Credit Intelligence (CI1) will acquire a majority share of OneStep I.T. after executing a share purchase agreement with OneStep Technology Investment
• This gives CI1 access to OneStep I.T.’s more than 20,000 corporate clients, which use the company for a range of financial services
• The ASX-listed finance stock will pay $2 million for a 60 per cent share in the company, with the consideration to be paid in cash and CI1 stocks
• Credit Intelligence believes the deal will be finalised this month, though due diligence is still being completed
• The company said once the acquisition is done, it will allow it to provide buy now pay later services (BNPL) to those clients in Hong Kong
• CI1 shares are trading steady at 2.4 cents per share

Credit Intelligence (CI1) will acquire a majority share of OneStep I.T. after executing a share purchase agreement with owner OneStep Technology Investment.

This agreement will the debt, insolvency and credit solutions business access to OneStep I.T.’s more than 20,000 corporate clients, which use the company for a range of financial services.

It will also allow CI1 to provide buy now pay later services (BNPL) to those corporate clients, who are all based throughout Hong Kong.

“OneStep I.T. has exclusive right to provide BNPL services to over 20,000
corporate clients through the fintech and artificial intelligence platform of OneStep and enjoys the privilege of providing exclusive BNPL services to the fast-expanding client base of OneStep in the next 10 years,” CI1 stated.

The ASX-listed finance stock will pay $2 million to OneStep Technology for a 60 per cent share in its I.T. company, with the consideration to be paid in cash and CI1 stocks.

Completion of the agreement is due to occur on May 14, at which stage Credit Intelligence will hand over a $1 million cash payment and issue 15 million CI1 shares at 4 cents each to OneStep.

An additional $400,000 cash payment is also payable within six months of the completion date, with Credit Intelligence to undertake due diligence before the mid-May deadline.

Following today’s announcement, shares in CI1 are trading steady at 2.4 cents per share at 1:01 pm AEDT.