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Ireland's Payzone sells Swedish unit

Monday, August 11 14:39:16

Payzone Group, the Irish based European payments network, has sold its Payments Services business in Sweden to the Pan Nordic Payment transaction services provider, Nets.

Financial terms of the acquisition are not being immediately disclosed.

The subsidiary company being sold is Payzone Nordic AB., a market leader in payment services customised for the retail, hotel and restaurant sectors.

Headquartered in Stockholm, Sweden, Payzone Nordic was established in 1989 and processes over 150 million transactions per year. Operating solely in the integrated payment service provider (PSP) sector, it is one of the largest electronic funds transfer networks in Sweden. Payzone Nordic generated sales of approximately SEK 70 million (8 million) in 2013 and employs nearly 50 people. Payzone Nordic's CEO, Carl-Greger Leijonhufvud, will remain with the company.

Nets already has a position in the point of sale (POS) market in the Nordic region and the acquisition will strengthen its position in the Swedish POS market while bringing a Nordic footprint with potential to service Payzone Nordic's existing customer base more broadly.

The operations of Payzone in Ireland, UK, Romania and Greece are not affected by the transaction.

Mike Maloney, CEO, Payzone Group commented that the deal was a strategically significant one for Payzone's shareholders. "Since the corporate restructuring of the group in 2010, we have been focussing on building core markets and businesses. Our Swedish payments business has been consistently growing over recent years in its core sectors of retail, hotel and restaurants. Having developed the business to this point, we are pleased to be selling to such an accomplished player in the Nordic payments market."

"We will now continue to focus on growing Payzone Group's business in other markets where we have invested significantly in technology infrastructure to facilitate the growth of payments in newer categories such as pre-paid utility and public sector payments. We are also growing the range of payments options we offer to consumers to include all virtual channels alongside our retailer network of terminals."

For more visit: www.businessworld.ie