24 March 2017
visit nextgenbanking.co.uk

Datacash to buy Swedish e-payments outfit NetGiro

08 February 2007  |  7274 views  |  0 handshake

UK-based DataCash has signed a deal to buy NetGiro Systems, a Swedish provider of e-payments systems and services, for EUR10.25 million in cash.

The acquisition includes the cash on NetGiro's balance sheet at completion. At 31 December 2006 this was approximately EUR3.5 million.

Stockholm-based NetGiro is a payment service provider targeting the card-not-present e-commerce market. For the year ended 31 December 2006, NetGiro earned unaudited profits before tax of approximately Skr8 million and had unaudited net assets of Skr41 million.

The company has a range of integrated European payment networks which combine to enable NetGiro's clients to take payments in the customer's local currency. Datacash says the acquisition of NetGiro will extend the international reach of its product offering by providing clients with access to local European payment instruments such as Dankort, Carte Bleue, international direct debits, bank wire transfers and Giropay.

David Bailey, deputy chairman at Datacasg says: "Our stated vision is to provide a global risk and payment processing solution for Internet merchants, and this acquisition is another step towards this, broadening our international offering and providing access to other European payment types."

Datacash says it expects the acquisition to be earnings-enhancing from 2008.

The deal is subject to shareholder approval at NetGiro's holding company NetGiro International and is expected to close by 31 March 2007.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

DataCash to acquire Proc Cyber

DataCash to acquire Proc Cyber

09 May 2006  |  8116 views  |  0 comments
Datacash stumbles on retailer Chip and PIN cost worries

Datacash stumbles on retailer Chip and PIN cost worries

11 January 2005  |  4945 views  |  0 comments
DataCash moves to the high street with Chip and PIN initiative

DataCash moves to the high street with Chip and PIN initiative

12 March 2004  |  3419 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit abe-eba.euParticipate in the surveyVisit capgemini.com

Top topics

Most viewed Most shared
French retailer Carrefour launches online bank accountFrench retailer Carrefour launches online...
56922 views comments | 15 tweets | 35 linkedin
Can banks really win in the payments business of the future? – new Finextra reportCan banks really win in the payments busin...
8346 views comments | 23 tweets | 37 linkedin
European Commission opens public consultation on fintechEuropean Commission opens public consultat...
7461 views comments | 39 tweets | 24 linkedin
Westpac wants to take over your messaging keyboardWestpac wants to take over your messaging...
6954 views comments | 4 tweets | 10 linkedin
SecureKey taps IBM to put identity on the blockchainSecureKey taps IBM to put identity on the...
6682 views comments | 22 tweets | 15 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job