UK e-payments outfit PayPoint has acquired SecPay Limited, a provider of online payment processing services, for a net purchase consideration of £12 million in cash.
SECPay is a processor of credit and debit card payments for goods and services bought over the Internet. The company handles the capture, authorisation and settlement of credit and debit card payments and all the associated electronic and physical security required.
In the year ended 30 June 2006, SecPay's revenue and profit before tax and interest, were £1.9 million and £0.3 million respectively.
PayPoint says the SecPay unit complements its recently acquired business Metacharge, which works with selected acquirers and provides payment authorisation as well as settlement and risk management services.
Dominic Taylor, Chief Executive of PayPoint, says SecPay enhances the business's position in the rapidly growing Internet payments market: "We now have a full range of payment processing services to offer internet merchants and a significantly larger merchant base."