Related Party Transactions

12 Months Ended

Jun. 30, 2020

Related Party Transactions [Abstract]

Related Party Transactions

24. Related party transactions

A subsidiary, Transact24, had an existing relationship in place between itself and a company controlled by the spouse of Transact24’s Managing Director at the time of the Transact24 acquisition during the year ended June 30, 2016. This arrangement therefore was also in place before the Managing Director became an executive officer of the Company. This relationship was disclosed to the Company during the due diligence process and was considered by the Company’s management to be critical to the ongoing operations of Transact24. The company controlled by the spouse of the managing director performed transaction processing and Transact24 provides technical and administration services to the company. These services ceased during the year ended June 30, 2019.

The Company has recorded revenue of approximately $0.4 million and $4.4 million related to this relationship during the years ended June 30, 2019 and 2018, respectively. Transact24’s Managing Director has an indirect interest in these transactions as a result of his relationship with his spouse, with an approximate value of $0.1 million and $0.3 million during the years ended June 30, 2019 and 2018, respectively. No amounts were due to the Company as of June 30, 2019.