Vogogo, a payments company that enables users to convert cryptocurrencies into government-backed currencies, has acquired Vanado Inc., a consulting and payment services company based in Denver.
Vogogo purchased Vanado's outstanding shares for approximately $610,000 and entered into an agreement with the Colorado company to pay out up to $1 million in Vogogo common shares. The additional payment is based on performance.
The acquisition appears to be focused on increasing the Calgary-based company's presence in the U.S.
"In addition to bringing several key resources into the Vogogo team, this acquisition expands our U.S. operational presence allowing us to better support the U.S. market," Vogogo chief executive Geoff Gordon said in a Jan. 2 press release.