Nordic IT services group EDB Business Partner is selling its online payment service provider Paynet to Norwegian bank DnB Nor. Financial terms of the deal were not disclosed.
Paynet was established in 2000 and provides Internet merchants in the Nordic region with secure card payment processing services. EDB says it is selling the Paynet unit to prevent competition with its own customers.
Following the acquisition, Paynet will be merged with DnB NOR's existing online payments processing business Netaxept.
Hans Petter Evensen, managing director of DnB Nor's Netaxept division, says: "Netaxept and Paynet already share a number of customers and the acquisition will result in improved services for customers and facilitate Web shop services."
Britt Løkkheim, managing director of Paynet, adds: "The global electronic payment services market is very exposed to competition. The merger of Netaxept and Paynet will enable us to offer our customers a wider variety of improved payment services and will increase our competitiveness."