Tech Shares Pop Following Acquisition Announcement

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Tuesday, September 24, 2024

A tech firm based out of Indonesia is stealing the show as we head toward the opening bell after it was announced that the company entered into a binding term sheet to be acquired by PayMate for $400 million.

Shares of DigiAsia Corp. (Nasdaq:FAAS) roofed following the news as traders pushed shares of the small cap up to $1.86/share (+58.97%) at the session high. This move was the first sign of life from this  stock as it had recently fallen from multi-month highs. 

DigiAsia is a leading Fintech as a Service provider in Indonesia and nearby emerging markets and digitizing finance across the commerce ecosystem operating as a B2B2X model. DigiAsia's fintech architecture offers municipalities and small and medium enterprise business (SME) comprehensive embedded finance APIs to streamline processes across the commerce value chain. DigiAsia's embedded fintech solutions equally address democratizing digital finance access that supports financial inclusion of underbanked merchants and consumers in emerging markets resulting in growth for enterprise business. The suite of B2B2X solutions provided by DigiAsia include, but are not limited to, cashless payments, digital wallets, digital banking, remittances and banking licenses. DigiAsia has recently established a strategic initiative to develop its embedded FaaS enterprise solution with AI capabilities in Southeast Asia, India, and the Middle East, with plans for global expansion.

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