26 September 2016
Visit colt.net

Datacash to buy Swedish e-payments outfit NetGiro

08 February 2007  |  7147 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  |  7827 views  |  0 comments
Datacash stumbles on retailer Chip and PIN cost worries

Datacash stumbles on retailer Chip and PIN cost worries

11 January 2005  |  4820 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  |  3327 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit www.abe-eba.euFind out moreFind out more

Top topics

Most viewed Most shared
RBS tests demonstrate ability of Ethereum to support a national domestic payments systemRBS tests demonstrate ability of Ethereum...
12575 views comments | 49 tweets | 43 linkedin
Banks test blockchain for reference data managementBanks test blockchain for reference data m...
8416 views comments | 16 tweets | 27 linkedin
Swift beware: Ripple signs banks to global payments steering groupSwift beware: Ripple signs banks to global...
7516 views comments | 32 tweets | 16 linkedin
Deutsche Bank teams up with accelerator to back fintech startupsDeutsche Bank teams up with accelerator to...
7099 views comments | 12 tweets | 5 linkedin
BNP Paribas extends crowdfunding blockchain programmeBNP Paribas extends crowdfunding blockchai...
7076 views comments | 15 tweets | 15 linkedin

Featured job

to £100K base, double OTE
London, UK

Find your next job