3. ACQUISITIONS

The cash paid, net of cash received related to the Company's various acquisitions during the years ended June 30, 2016, 2015 and 2014 are summarized in the table below:

		2016		2015		2014
Transact24 Limited ("Transact24")	$	1,666	$	-	$	-
Masterpayment AG ("Masterpayment")		14,101		-		-
Total cash paid, net of cash received	$	15,767	$	-	$	-

2016 acquisitions

Transact24 Limited

On January 20, 2016, the Company acquired the remaining 56% of the issued and outstanding ordinary shares of Transact24 for $3.0 million in cash and through the issue of 391,645 shares of the Company's common stock with an aggregate issue date fair value of approximately $4.0 million. Transact24 is a specialist Hong Kong-based payment services company and is now a wholly-owned subsidiary. The Company acquired approximately 44% of Transact24 in May 2015. Philip Meyer, Managing Director of Transact24 and an industry veteran in the international payments and transaction processing industries, has become an executive officer of the Company.

The Company elected to settle part of the purchase price in shares in order to appropriately align the T24 management team with the Company and its global strategy. The parties have agreed that 50% of the Company's shares issued in the transaction are contractually restricted as to resale until after June 30, 2016, and the remaining 50% of the shares are so restricted until after June 30, 2017.

Masterpayment AG

In April 2016, the Company acquired a 60% interest in Masterpayment AG ("Masterpayment"), a specialist payment services processor based in Munich, Germany for approximately $9.4 million and paid a contractually agreed EBITDA earn-out of $5.4 million in June 2016, for a total purchase consideration of $14.8 million. Masterpayment provides payment and acquiring services for all major European debit and credit cards; and invoicing for online retail, digital goods and content. Masterpayment currently has a client portfolio of approximately 5,000 registered merchants.

The final purchase price allocation of Transact24 and Masterpayment acquisitions, translated at the foreign exchange rates applicable on the date of acquisition, is provided in the table below:

		Transact24			Masterpayment			Total
Cash and cash equivalents	$	1,334		$	665		$	1,999
Accounts receivable		2,019			765			2,784
Property, plant and equipment, net		154			18			172
Deferred tax assets		1,070			-			1,070
Intangible assets (Note 9)		4,974			9,428			14,402
Goodwill (Note 9)		6,024			17,084			23,108
Accounts payables and other payables		(1,898	)		(1,114	)		(3,012	)
Deferred tax liabilities		(1,243	)		(2,236	)		(3,479	)
Fair value of assets and liabilities on acquisition		12,434			24,610			37,044
Less: fair value of equity-accounted investment, comprising:		(5,471	)		-			(5,471	)
Less: gain on re-measurement of previously held interest		(1,908	)		-			(1,908	)
Less: carrying value at the acquisition date		(3,563	)		-			(3,563	)
Less: fair value attributable to controlling interests on acquisition date .		-			(9,844	)		(9,844	)
Total purchase price	$	6,963			14,766		$	21,729
Add: carrying value of non-controlling interests acquired					9,867
Add: adjustment to Net1 equity (Note 14)					1,322
Cash paid for non-controlling interest (Note 14)					11,189
Total consideration paid for Masterpayment				$	25,955

Pro forma results of operations have not been presented because the effect of the Transact24 and Masterpayment acquisitions, individually and in the aggregate, were not material to the Company. During the year ended June 30, 2016, the Company incurred acquisition-related expenditure of $0.2 million related to these acquisitions. Since the closing of the Transact24 acquisition, it has contributed revenue and net income of $3.8 million and $0.03 million, respectively, for the year ended June 30, 2016. Since the closing of the Masterpayment acquisition, it has contributed revenue and net loss, after acquired intangible asset amortization, net of taxation, non-controlling interest, of $2.4 million and $0.04 million, respectively, for the year ended June 30, 2016.

2015 acquisitions

None.

2014 acquisitions

None.