WASHINGTON, DC, June 25, 2020 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — Xalles Holdings Inc. (OTC: XALL), a fintech holding company providing technology and financial services solutions, today announces that it has executed a Share Purchase Agreement to acquire 100% of 1Rivet DRC, Inc., which is in the process of being renamed to become 1Rivet Global Inc. (“1Rivet Global”), and provides eGovernment solutions to developing countries. 1Rivet Global was previously a division of 1Rivet, which included 1Rivet US Inc., an award winning North American based consulting organization. 1Rivet US Inc. will continue to focus on their domestic clients in North America.
Xalles Financial Services Inc., a wholly owned subsidiary of Xalles Holdings Inc., will acquire all of the common shares of 1Rivet Global and its 2 wholly owned subsidiaries. 1Rivet Global is based in Washington, DC, and services international clients. 1Rivet Global, through its proprietary 1Rivet PublicWorks Platform “1RPP”TM provides eGovernment and payment services to developing and emerging markets. 1Rivet Global will continue to focus its short-term sales and deployment efforts in Africa.
1RPP combines open source frameworks and Microsoft technology for deploying quick-start / leapfrog eGovernment solutions. 1RPP contains rich functionality and best practices from 1Rivet’s years of experience deploying large-scale, complex public sector management information solutions across North America. 1RPP allows 1Rivet Global to implement solutions immediately without governments needing to have capital budgets, so that benefits can be realized while 1Rivet Global generates recurring revenue.
1Rivet Global will be led by two Managing Partners, Charlie Clavelli and John Patrick (JP) Foley. Mr. Clavelli brings 20+ years of U.S. and International IT Management Consulting and Professional Services experience specializing in Business Development, Operations, and Strategic Talent Acquisition. For the past 3 years, he has helped create and manage 1Rivet Global’s portfolio of international opportunities in Sub-Saharan Africa focused on “Revenue Modernization and Acceleration” transforming and greatly expanding emerging governments’ ability to increase revenue, promote transparency, and control fraud. This expansion led to the creation of 1Rivet PublicWorks Platform. Prior to founding 1Rivet US Inc. in 2005, Charlie was the Vice President, Business Development for a regional staffing firm building and deploying high performing teams in the Telecommunications and eCommerce sectors. Mr. Foley is a global technology industry veteran with over 25 years of executive leadership and entrepreneurial experience founding, leading and growing consulting companies. JP is the former co-founder of Dominion Consulting, Inc. (acquired by TeraThink), an award-winning company headquartered in Washington, DC. Under JP’s leadership from 2009 through 2017, Dominion was recognized by Consulting Magazine in 2012 and SmartCEO Magazine in both 2015 and 2016 as an innovative public sector consulting leader. Dominion was also recognized in 2014 – 2016 by the Inc. Magazine’s “Inc. 5000”. Prior to founding Dominion Consulting, JP was the co-founder of Washington Consulting, Inc., an award-winning IT company headquartered in the DC area, from 2003-2009 (acquired by Alion Science and Technology in 2006). JP began his career at Andersen Consulting in 1992 following graduation from Virginia Tech.
1RPP will digitize revenue-generating activities and provide a centralized, secure integrated payment gateway supporting:
- Royalty collections and recovery
- e-Citizen services
- Corporate and individual tax revenue collection
- Import and export taxes and tariffs
- ePayment gateway
1RPP will provide modernization of administration, development of e-Government, and revenue generation. It will provide several benefits to the government, including:
- Increased productivity and administrative performance (back office), from administrative management using paper to full paperless electronic management
- Strengthening intra- and inter-government communication to optimize administrative channels and decision-making processes
- Improving the services provided to citizens and businesses
- Real-time monitoring of revenues generated by public and private operators
1Rivet Global’s Managing Partner, Charlie Clavelli, stated, “The 1Rivet Global’s team is excited to be working with the Xalles team to fully realize our vision. Millions of dollars were invested into the 1RPP solution and Xalles’ fintech and payment systems experience will allow us to deploy a solution that can result in tremendous financial benefits for each client government.”
JP Foley, 1Rivet Global’s other Managing Partner, also commented, “1Rivet Global, through the 1RPP system, will streamline public sector interactions with citizens and businesses. Each member of the public sector financial ecosystem will benefit. Our team has sales goals to make 1Rivet Global a dominant solutions provider in Africa and within other emerging regions.”
“Acquiring 1Rivet Global and its vast potential for strategic revenue dramatically helps Xalles in its goal for rapid growth,” stated Thomas Nash, Xalles Holdings CEO. He added, “1Rivet Global’s business connections and its world-class fintech system, 1RPP, will revolutionize the way emerging markets conduct government business.”
Mr. Nash continued, “A recent Forbes magazine article reported that fintech in Africa was up 60% over the previous 2 years. With nearly 66% of the population “unbanked”, you can see why business leaders such as Twitter CEO Jack Dorsey spent over a month meeting with tech entrepreneurs and had planned on moving to Africa for 6 months prior to the Covid-19 pandemic. Since 2005, the government of China has invested over $300 Billion in Africa’s infrastructures such as utilities, telecommunications, port construction and transportation. It is no longer a secret that Africa is potentially the next big global opportunity and the 1Rivet Global acquisition will strategically allow Xalles to have a larger footprint within this emerging ecosystem.”
The acquisition agreement defines the closing date for this transaction as on or before July 31, 2020. Details of the agreement include Xalles acquiring 100% of 1Rivet Global in exchange for 25,000,000 of Xalles’ restricted common shares. The 1Rivet Global shareholders will also be eligible for profit-sharing. 1Rivet Global has a pipeline of over $250 million and is expected to generate $8 million in revenue in the first year after the closing date.
About Xalles Holdings Inc. (OTC: XALL)
Xalles Holdings Inc. is a holding company that focuses on acquisition and support of disruptive fintech companies. The company actively seeks targets in which it can partner with or acquire to accelerate growth, targeting companies with solid management teams and business models, large total attainable markets (TAM), and lucrative exit opportunities. The company places an emphasis on leveraging blockchain technologies to provide industry-leading financial reconciliation and auditing solutions, which, over time, will allow for the capture of recurring revenue streams. For more information visit: http://Xalles.com
About 1Rivet Global
1Rivet Global is an international consultancy focused on “Revenue Modernization and Acceleration” transforming and greatly expanding emerging governments’ ability to increase revenue, promote transparency, and control fraud. 1Rivet’s multi-million-dollar investment in research and development on its proprietary 1Rivet PublicWorks Platform (1RPP) will directly benefit international emerging government clients and help pave the way for tremendous socio-economic benefits for the citizenry of these countries. For more information visit https://www.1Rivet.com/International-Consulting
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