Brussels-based Clear2Pay has signed an agreement with Australian VC Technology Venture Partners to acquire electronic payments firm Sienna Technologies.
The acqusition propels Clear2Pay into the Asian Pacific market and broadens its products portfolio to incorporate Sienna's electronic data interchange, clearing and settlement and smart-card-based systems for the corporate and institutional banking markets.
Sienna's blue chip client base in Australia includes National Australia Bank, Commonwealth Bank of Australia, ANZ, St. George and Reserve Bank of Australia. Asian customers include BCS in Singapore, and Krung Thai Computer Services (KCS).
Michel Akkermans, chairman and CEO of Clear2Pay, states: "The Asia Pacific market is attractive to us for its size and for the quality of the business opportunities and solutions available."
Under the agreement, specifics of which have not be disclosed, Sienna will become a wholly owned business unit of Clear2Pay, named Clear2Pay Asia Pacific. Sienna's Warren Gardiner will be vice president and general manager Australasia. TVP general partner and Sienna chairman Philip Wing will join the board of Clear2Pay.