Otis Energy (ASX:OTE) has changed its name to iSignthis (ASX:ISX) reflecting its move to acquire Australian online identification and payment authentication provider iSignthis.
It is paying 298,333,333 shares priced at $0.03 and 336,666,667 rights for iSignthis.
iSignthis has been granted U.S., European, South African and Australian patents that significantly enhance online payment security, internet identity, e-mandates and e-contract validation services.
Patents are pending in several other key jurisdictions, including China, Hong Kong, Canada, Brazil and India.
iSignthis can assist banks, online betting companies, insurance groups, airlines and other AML/KYC regulated entities to authenticate the source of funding used by a person, by verifying online transactions made on financial instruments such as regulated credit or debit cards.
The company has raised $3 million through a placement of shares to institutional and high net worth investors.
It is also raising up to $3.1 million through an offer of 103.3 million shares priced at $0.03 each through a share offer.
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