JanOne Inc. Announces Acquisition of ALT 5 Sigma Inc. – A Leading Blockchain Financial Technology Provider
JanOne Inc. (Nasdaq: JAN) has made a significant move in the financial technology sector with the announcement of its acquisition of ALT 5 Sigma Inc., a leading blockchain financial technology provider. The transaction, which is set to close in the week of May 13th, 2024, is expected to further solidify JanOne’s position in the market.
ALT 5 Sigma Inc. has seen impressive growth in its transactional processing volume, surpassing $1.1 billion in calendar 2023 and over $450 million in Q1 2024. The company, launched in 2018, offers innovative blockchain-powered technologies through its platforms “ALT 5 Pay” and “ALT 5 Prime.”
ALT 5 Pay is a cryptocurrency payment gateway that allows global merchants to accept and make cryptocurrency payments, offering seamless integration with popular platforms like WooCommerce. On the other hand, ALT 5 Prime is an electronic over-the-counter trading platform that enables customers to buy and sell digital assets with ease.
The acquisition of ALT 5 Sigma Inc. by JanOne is seen as a strategic move to capitalize on the growing payment processing solutions market, which is projected to reach USD 100 billion by 2023. JanOne’s President and CEO, Tony Isaac, expressed confidence in ALT 5’s innovative solutions and the potential for further growth in the industry.
President of ALT 5 Sigma Inc., Andre Beauchesne, also shared his excitement about the acquisition, stating that it marks a new chapter in the company’s growth story. With JanOne’s support and resources, ALT 5 Sigma Inc. aims to leverage new opportunities and expand its product portfolio.
At the closing of the transaction, JanOne will issue shares of its common stock to the former stockholders of ALT 5, making ALT 5 Sigma Inc. and its subsidiaries wholly owned subsidiaries of JanOne. More details about the acquisition can be found on JanOne’s website or in its filings with the Securities and Exchange Commission.
Overall, the acquisition of ALT 5 Sigma Inc. by JanOne represents a significant development in the financial technology sector, with the potential to drive further innovation and growth in the industry.
