Denmark's Nets is to expand into Poland through a EUR73 million acquisition of online payment providers Dotpay/eCard.
A licensed card acquirer, DotPay and eCard employ 100 people in Warsaw and Cracow to service over 30,000 merchants in Europe's sixth-largest economy. Expected gross revenues for 2018 are EUR19 million.
The deal comes shortly after Nets and German-based merchant service provider Concardis announced plans to merge in the latest in a series of transactions in a rapidly consolidating market.
CEO of Nets, Bo Nilsson, says: “Dotpay/eCard have performed very strongly in recent years achieving solid volume and revenue growth. We aim to continue and strengthen this development both through investments in organic growth and potentially also via further consolidation.”
The acquisition from private equity group MCI Capital is subject to approval by the relevant Polish authorities. Closing is expected to be in Q4/2018.