ASX-listed financial transactions processor and technology developer, Novatti Group Limited, signed a binding agreement to acquire all the issued share capital of Vasco Pay Pty Ltd, a pre-paid Visa card payments provider.Vasco Pay targets multiple market segments including millennials, two million local and 570,000 international tertiary students and their parents.This will allow Novatti - which signed an agreement with Chinese giant Alipay last year - move deeper into China's profitable and growing economy,This gives the arrangement a "strong strategic alignment with Novatti's remittance business, with customers of Vasco Pay strong candidates to potentially become future customers of Novatti's banking services," the companies said via media release.Novatti will acquire Vasco Pay for an upfront consideration of A$150,000 cash and 1.6 million Novatti fully paid ordinary shares, of which 800,000 will be escrowed for a period of 12 months and the remaining 800,000 for 24 months.Additional deferred consideration for earn-out arrangements will be paid out, based on EBITDA for the 2019/20 and 2020/21 "earnout periods" years, essentially a weighted average multiple of 1.225 times the 2020 EBITDA and 1.1025 times the Novatti share price in the final quarter of each financial year.Vasco Pay founder and managing director Leo Borovilas and chairman Tim Boucaut will remain with the business "to continue to drive its strategic marketing and growth plans," the company said. Guy Carvalho, GM of banking services at Novatti, will oversee the Vasco Pay integration.Completion of the acquisition under is expected to take place by 15 June 2018.