Diginex’s $1.5 Billion AI Bet Now Priced at $10.56, But the Market Sees Just $1.82

Diginex's $1.5B all-share takeover of Resulticks faces a credibility gap after a reverse stock split sets a reference price far above the current market value.

The arithmetic of Diginex’s planned takeover of Resulticks has been rewritten — not in substance, but in optics. A recent eight-for-one reverse stock split forced the company to recalculate the reference price for its all-share acquisition, producing a headline figure that sits far above where the stock actually trades.

Diginex is pursuing Resulticks, a customer loyalty software specialist, in a deal valued at roughly $1.5 billion. Payment will come entirely in Diginex shares. The original reference price of $1.32 per share was tied to the pre-split capital structure. Following the consolidation, that figure jumps to $10.56 per share. The number of new shares to be issued drops accordingly — from roughly 1.13 billion to about 141.7 million. The total consideration remains unchanged.

Yet the market is not buying the math at face value. Diginex shares closed at $1.82 on April 30, a yawning gap from the $10.56 internal valuation. That disconnect is the central challenge for a management team that has just reshuffled its leadership ranks.

Resulticks Brings Real Revenue — and Ambitious Forecasts

The target company is no shell. Resulticks generated roughly $150 million in revenue in its most recent fiscal year, with EBITDA of about $46 million — a margin of 32%. Its revenue has compounded at roughly 70% annually over the past five years.

The growth trajectory is expected to continue. Management projects revenue between $190 million and $210 million for 2026, climbing to $250 million to $280 million the following year. Diginex plans to layer its own ESG data capabilities onto Resulticks’ real-time analytics engine, creating an integrated platform that embeds sustainability metrics directly into customer interactions for large enterprises.

The combined offering would target blue-chip clients including HSBC, Coca-Cola, Visa and BMW.

New Leadership, Same Execution Risk

Alongside the acquisition plans, Diginex has reorganized its executive team. Jacob Friedman steps in as chief operating officer, while Sandra Kovacheva becomes chief administrative officer. Their mandate is to consolidate the company’s four existing business units onto a single platform.

The two companies have already signed a $40 million resale agreement, providing some early commercial validation. But the broader transaction remains contingent on several conditions, including non-dilutive debt financing and unspecified regulatory approvals. Diginex has been explicit: there is no guarantee the deal will close.

The company aims to finalize the acquisition within the next 30 days, though definitive agreements have yet to be signed. Until then, the chasm between the internal reference price and the market price will remain the most visible — and uncomfortable — metric for investors watching this story unfold.