Cuscal to Acquire Indue (subject to regulatory approvals)

Sydney, 22 August 2025

Cuscal Managing Director, Craig Kennedy has advised the market today that Cuscal Limited (Cuscal) has entered a conditional, binding agreement to acquire all of the shares in Indue Limited (Indue), an Australian payment services provider, subject to regulatory approvals (the Acquisition).

Commenting on the Acquisition, Cuscal Managing Director, Craig Kennedy said: “We are excited to announce the strategic acquisition of Indue. The Acquisition represents an important evolutionary step for both businesses, bringing together two organisations with a shared heritage, similar values and a complementary client base. The Acquisition is anticipated to drive material synergy opportunities and will result in a more resilient and more sustainable payments business.”

“We look forward to welcoming the Indue team and clients to Cuscal and believe that our experience in seamlessly integrating acquisitions and large-scale client migrations, along with the steps we have taken to ensure our success, including establishing an Integration Advisory Committee, will help us effectively combine the two businesses. It will also help us better support clients and staff and ultimately realise value for shareholders.”

When Cuscal joined the ASX last year, we made a commitment to pursue organic and inorganic growth, and the Acquisition marks a significant milestone in our strategic journey. Together with the outstanding banks and organisations we work with and support, we’re proud to have the opportunity to enable even more Australians to access the best in fast, secure, digital payment and data service experiences. The acquisition drives these benefits in the following ways:

• Client benefits from enhanced product and service offerings, operational efficiencies and innovation at scale.
• Improved resilience across capital, capabilities, cybersecurity and fraud monitoring that better positions the combined business to respond to heightened regulatory standards, complexity and cost.
• Increased investment capacity from financial and product synergies that will enable greater innovation and investment in best-of-breed resources and capabilities to continue to deliver services both now and into the future.

Further updates will be shared once the Acquisition is completed (pending regulatory approvals).