Eckoh paying £31 million for Syntec Holdings

Eckoh, a global provider of secure payment products and customer contact solutions, has agreed a £31 million cash and shares acquisition.

The Hemel-based company is buying Syntec Holdings, an internationally-reaching competitor in the same sector of business.

The deal will be funded by £24.7m cash and £6.3m in new Eckoh shares. Eckoh says that £8m of the cash element is from its existing war chest with the balance to be funded by a placing and a new debt facility.

The move will consolidate Eckoh’s market leading position in customer engagement data and payment security and propels the business further in the lucrative US market.

It is excelling internationally under the leadership of chief executive Nik Philpot.

Syntec is an Ofcom-regulated UK network operator, based in the UK, with an extensive patent portfolio in the UK, US, EU and Australia. As at 11 November, Syntec had 31 employees, 29 of whom are based in the UK and two in the US, and serves over 100 clients with 85 per cent of its revenue coming from clients with payment solutions. 

Notable clients include Wayfair, Miele, Staples, AIB and Hiscox with approximately 70 per cent of new customers US based.