IT services company Unisys Australia has agreed in principle to purchase a 50% stake in Australian cheque processing company Austrapay.
The change of ownership sees co-owner Australia Post retaining the other 50%, and former co-owner JP Morgan Chase & Co. now relinquishing any interest in Austrapay. Unisys Australia also has the option to acquire the outstanding 50% from Australia Post in the future. Financial details are not being disclosed.
The acquisition will allow Unisys to extend Austrapay's operations and offer additional economies of scale with new technology, to existing and new customers.
Ron Frankenfield, vice president and general manager of Unisys South Pacific, says: "The combination of Austrapay's cheque processing experience and infrastructure, and Unisys technology and industry skills in the financial services sector worldwide, provides a new level of competition in the local payments and remittance processing marketplace."