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Ahead of its dual listing, Interswitch acquires eClat; branches off its core to health tech

Ahead of its dual listing, Interswitch acquires eClat; branches off its core to health tech

Nigerian financial technology company Interswitch has made a detour from its core of providing digital solution for payment to health technology through the acquisition of 60% stake in eClat Healthcare Limited, a healthcare technology platform.

According to a statement on the company’s website, the deal was completed on September 30, 2019 and will see Interswitch having a controlling share of eClat.

The acquisition was part of the company’s plans to enhance its products and services offering and expand its reach into new markets.

“Healthcare is rapidly evolving towards new, integrated and scalable models of care delivery that put the consumer at the centre. At the core of Interswitch’s expansion into healthcare is our ambition to provide customers with greater access to healthcare across different interaction points beyond hospitals, such as at pharmacies and primary health care facilities, providing much needed services to patients across Nigeria and, in the future, in Africa.

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“It also represents an opportunity to introduce a number of Interswitch’s products, such as our Verve Health cards, as well as our payment collection & disbursement solutions (Quickteller for business), that will drive much needed efficiency in payments for health services across the value chain,” the Group Managing Director of Interswitch, Mitchell Elegbe said.

Interswitch had hinted on plans for a dual listing on the Nigerian Stock Exchange (NSE) and the London Stock Exchange (LSE) beefore the end of the year.

Valuation is expected to be between $1.3 billion and $1.5 billion.

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