A committee of Vogogo’s board of directors has explored alternatives including the sale of all or parts of the existing business, in addition to recapitalization and financing alternatives. The board concluded selling the risk platform and discontinuing the payment processing business are the best courses of action.
The committee will monetize certain residual assets, primarily the Electronic Money Institution (EMI) authorization that United Kingdom’s Financial Conduct Authority granted.
Vogogo has sold certain assets to a private risk management and consulting services firm, including the risk platform known as the Vogogo Risk and Rules Engine. It will no longer seek to sell its stand-alone risk services as part of its business offering. Certain third parties affiliated with the purchaser will terminate their rights to certain post-closing payments of up to $3 million, payable in cash or common shares, based on Vogogo achieving certain performance thresholds.
https://www.cryptocoinsnews.com/bitcoin-services-vogogo-closing-payment-processing/
Topic: [2016-07-08]Bitcoin Services Startup Vogogo to Close Payment Processing Services (Read 254 times)
July 08, 2016, 12:28:34 PM
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