Hyve to buy US virtual events organiser Fintech Meetup for up to $55m

London-listed events company Hyve has agreed to buy US virtual events organiser Fintech Meetup for up to $55m (£41.8m).

The consideration comprises an initial payment of $5m (£3.8m) and a contingent consideration of up to $50m (£38.0m) payable in 2024 and 2025.

Hyve said Fintech Meetup operates in a "highly attractive, rapidly growing" fintech market, previously identified as one of the key sectors of opportunity to accelerate its omnichannel strategy.

Founded in 2021, the business has already become renowned as the leading virtual industry event in the US fintech industry, Hyve said, having facilitated about 20,000 meetings for 2,100 participants in 2021.

Hyve chief executive Mark Shashoua said: "We are delighted to welcome Fintech Meetup to Hyve. In a short space of time, Fintech Meetup has delivered significant value to thousands of individuals and organisations across the industry, establishing itself as the hub for the sector.

"Its flagship programme holds tremendous potential for growth and is a perfect fit for our business as we scale up our omnichannel strategy. Fintech Meetup operates in an important target sector for Hyve and will further strengthen our presence in a key strategic market in the US."

Hyve also said on Friday that it will review all options in relation to its business in Russia in light of the Russia-Ukraine conflict and will update the market "as appropriate in due course".

The company reiterated that trading across the group remains resilient, with continued strong like-for-like customer spend, forward bookings and cash collection.