01.17.18
Ingenico Group announced the signing of an agreement in order to acquire Paymark, a leading New Zealand payment network, for a global consideration of NZD 190 million ($140 million).
Based in Auckland and employing more than 150 people in New Zealand, Paymark has been processing secure transactions on behalf of banks and acquirers for more than 25 years. With over 1 billion transactions processed annually, the Paymark network is connected to all major card issuers and merchant acquirers and to more than 80,000 merchants.
The sale agreement, signed between Ingenico Group and the shareholders of Paymark (ANZ, ASB, BNZ and Westpac), includes the extension of the service agreement currently in force between Paymark and the four leading acquiring banks.
New Zealand’s electronic retail payments environment is one of the more advanced worldwide, enjoying a solid growth of electronic transaction volumes.
“The acquisition of Paymark represents a great addition to the company’s portfolio and is fully aligned with Ingenico Group’s strategy to provide payment solutions and services across all channels. It is a strong springboard to deploy that strategy in the Pacific region” said Patrice Le Marre, Banks & Acquirers Business Unit EVP of Ingenico Group.
“Building on the recent acquisition of Bambora, Ingenico will now be able to expand its offering in New Zealand, delivering services and solutions in all areas of payments for small and large businesses and financial institutions alike” said Dominic White, VP Pacific Region for Ingenico Group.
Closing is expected to occur during the second quarter of 2018. The transaction is subject to relevant regulatory consents. Paymark will be integrated within the Banks & Acquirers business unit.
Based in Auckland and employing more than 150 people in New Zealand, Paymark has been processing secure transactions on behalf of banks and acquirers for more than 25 years. With over 1 billion transactions processed annually, the Paymark network is connected to all major card issuers and merchant acquirers and to more than 80,000 merchants.
The sale agreement, signed between Ingenico Group and the shareholders of Paymark (ANZ, ASB, BNZ and Westpac), includes the extension of the service agreement currently in force between Paymark and the four leading acquiring banks.
New Zealand’s electronic retail payments environment is one of the more advanced worldwide, enjoying a solid growth of electronic transaction volumes.
“The acquisition of Paymark represents a great addition to the company’s portfolio and is fully aligned with Ingenico Group’s strategy to provide payment solutions and services across all channels. It is a strong springboard to deploy that strategy in the Pacific region” said Patrice Le Marre, Banks & Acquirers Business Unit EVP of Ingenico Group.
“Building on the recent acquisition of Bambora, Ingenico will now be able to expand its offering in New Zealand, delivering services and solutions in all areas of payments for small and large businesses and financial institutions alike” said Dominic White, VP Pacific Region for Ingenico Group.
Closing is expected to occur during the second quarter of 2018. The transaction is subject to relevant regulatory consents. Paymark will be integrated within the Banks & Acquirers business unit.