Highlights

  • Spenda entered a binding agreement to sell its Spenda Ledger platform to APG Pay Pty Ltd.
  • The transaction is valued at approximately $1.8 million including GST.
  • The company expects the deal to lower annual operating costs by approximately $2.7 million.
  • Total annualised savings achieved through restructuring initiatives now stand at around $7 million.
  • Spenda will retain all customer relationships tied to the Ledger Business.
  • CEO Corrie Hassan and CTO Andy Britz will step down following the transaction.

Spenda Ltd (ASX:SPX) has unveiled another major step in its ongoing business restructuring program, announcing an agreement to divest its Spenda Ledger technology platform to APG Pay Pty Ltd. The move forms part of a wider effort by the company to simplify operations, lower expenses and direct greater attention toward commercial expansion across its active product portfolio.

The announcement comes as Spenda shares traded at AUD 0.0010 during the afternoon session on 8 May 2026, down 33.33% for the day. Over the past 12 months, the stock has declined approximately 90%, reflecting a prolonged period of operational restructuring and broader challenges faced by the business.

While the transaction involves the transfer of ownership of the Ledger platform itself, Spenda will continue servicing customers through a long-term licensing arrangement. Management believes the revised structure creates a more efficient operating model by removing a large portion of the platform’s infrastructure and staffing costs while preserving customer-related Revenue streams.

The company described the transaction as the final stage of a broader operational reset that has been underway in recent months, with management increasingly prioritising cost discipline, product simplification and commercial execution.

Company Overview

Spenda Limited operates as an integrated business platform focused on helping businesses improve invoicing, payment processing and Supply chain operations.

The company combines software infrastructure, payments capability and financing solutions into a unified platform designed to streamline business workflows before, during and after payment events.

Spenda’s broader ecosystem supports e-invoicing integration, ordering systems, automated reconciliation and ledger-to-ledger data transfers across multiple software environments.

Revenue is generated through SaaS subscriptions, payment processing activity and Supply Chain Finance solutions.

Platform Sale Aims to Reduce Complexity and Expenses

Under the agreement, APG Pay will acquire the Spenda Ledger technology platform in a transaction worth approximately $1.8 million including GST.

Beyond the upfront consideration, the deal is also expected to materially reduce Spenda’s operating expenditure. According to the company, the transaction should deliver approximately $2.7 million in annual savings through the removal of platform-related staffing, infrastructure and operational expenses.

Management stated that these savings represent a further 45% reduction in the company’s cost base.

A substantial portion of the reduction relates to the transfer of operational employees connected to the Ledger business. The majority of the platform’s operating team is expected to transition to APG Pay as part of the arrangement.

Spenda noted that the Ledger platform had previously required ongoing Investment across infrastructure maintenance, software development and specialist technical personnel. By transferring these responsibilities to APG, the company expects to reduce operational complexity while still maintaining access to the platform’s functionality.

The company said the transaction allows it to monetise its prior investment in the platform while continuing to participate in revenue generated through customer activity.

Existing Customers to Remain Under Spenda

Importantly, Spenda confirmed that all existing customer relationships associated with Spenda Ledger will remain with the company despite the platform divestment.

To support continuity, Spenda has secured a four-year licensing agreement that enables continued access to the Ledger technology.

This means customers will continue using the platform while Spenda avoids the internal costs previously associated with operating and developing the infrastructure directly.

Under the revised arrangement, Spenda will pay a processing fee equal to 0.10% of payment value processed through the platform.

Management indicated the structure provides continued exposure to Ledger-generated revenue while significantly lowering internal operating requirements.

The company also highlighted that APG intends to integrate the platform into its own long-term product roadmap, which could support future development and ongoing platform enhancement.

Restructuring Program Delivers $7 Million in Annualised Savings

The latest transaction forms part of a broader restructuring initiative that Spenda has been implementing over recent months.

According to the company, several operational changes have already been completed as part of the program, including:
• reducing the overall cost base
• simplifying the company’s product structure
• redirecting resources toward sales and Marketing functions
• concentrating on products already active in the market

Spenda stated that the combined impact of these measures has now generated approximately $7 million in annualised savings.

Management believes the restructuring has also improved operational execution by narrowing the company’s strategic priorities and focusing investment toward revenue-generating activities.

The company further noted that recent changes are already being reflected through increased transaction volumes, rising customer engagement and broader adoption across its platforms.

Executive Changes Mark New Phase for Business

The transaction will also trigger several Leadership changes within the company.

Chief Executive Officer Corrie Hassan and Chief Technology Officer Andy Britz will step down from their respective roles following completion of the agreement.

Spenda acknowledged Hassan’s contribution during a period that involved operational consolidation, cost reductions and product rationalisation across the business.

With the restructuring process now largely completed, management indicated that the company’s focus is shifting toward commercial growth, customer Acquisition and scaling existing revenue streams.

Executive Chairman Karim Razak has already taken on a more active operational role in recent months and is expected to continue leading the company’s next phase of commercial development.

Meanwhile, David Wood will continue overseeing technology and product operations across Spenda’s remaining platform ecosystem.

Commercial Focus Shifts Toward Core Products

Following the transaction, Spenda’s operational strategy is expected to centre around three core offerings:
• Spenda Pay
• Spenda Retail
• Spenda Ledger

The company stated that all three platforms are already active in market and generating revenue.

Spenda Pay Expansion Continues

Spenda Pay currently supports more than 160 active users and generates revenue through subscriptions, payments and rewards activity.

The company outlined additional commercial opportunities tied to the platform, including:
• an estimated $1.5 million monthly opportunity within partner ecosystems
• a broader SME market opportunity estimated at approximately $246 million annualised

Customers are currently using the platform to manage invoicing, payment processing and Cash Flow activities.

Management indicated that future growth efforts will focus on increasing adoption within existing partner networks while also expanding into broader small and medium-sized business markets.

Spenda Retail Rollout Progressing Across Carpet Court Network

Spenda Retail is continuing to expand through its rollout within the Carpet Court network.

According to the company, five stores are currently onboarding onto the platform, while additional locations remain in various stages of implementation.

The platform is already being used across operational workflows involving quoting, invoicing, payments and Job management.

Spenda noted that the rollout is supported through sales engagement initiatives, onboarding programs, conference activity and dedicated sales tools.

Importantly, management clarified that the rollout is operating as a commercial deployment rather than a pilot initiative, with broader scalability opportunities still being pursued.

The platform currently generates both SaaS-based and transaction-related revenue streams.

Leaner Structure Expected to Support Future Growth

Management believes the revised operating structure places Spenda in a different financial and operational position compared to earlier stages of its restructuring process.

The company said the combination of:
• divestment proceeds
• lower operating expenditure
• and revenue from existing commercial platforms

has strengthened its overall position moving forward.

Although Spenda disclosed that approximately $40,000 in recurring monthly revenue previously generated from APG will no longer be received following the sale, management indicated the broader financial impact of the transaction is expected to improve efficiency and support future scalability.

Completion of the transaction is expected on 11 May 2026.

What Investors May Be Watching Next

Following the latest restructuring milestone, market attention is likely to remain focused on how effectively Spenda executes its leaner operating strategy over coming quarters.

Investors may also monitor whether the company can translate its lower cost base into improved operational performance while continuing to scale revenue from Spenda Pay and Spenda Retail.

The progression of the Carpet Court rollout, growth in platform usage and customer transaction activity are also expected to remain key areas of focus as Spenda continues repositioning the business around commercial execution and Recurring Revenue generation.