Retail Decisions acquires Paymentplus
01 March 2002 | 4113 views | 0
Retail Decisions has acquired the business and assets of Paymentplus, a US-based card-not-present processing software provider, for $2.25 million in cash.
Paymentplus provides credit card and electronic cheque authorisation capability for card-not-present retailers. Its LiveProcessor processing engine delivers live credit card and electronic cheque transaction interfaces to third party transaction processors.
Pre-audit management accounts for the year ended 31 December 2001 show revenues of $1.75 million, an operating loss of $148,000 and net assets of $282,000.
As part of the transaction, Jeff Foster, vice president of marketing and sales, and Matt Wixson, chief technology officer, will be joining Retail Decisions' US subsidiary.
Retail Decisions has been working with Paymentplus since September 2000 and its ebitGuard platform is already integrated with Paymentplus' LiveProcessor software.
Carl Clump, chief executive of Retail Decisions, states: "This acquisition is a further demonstration of Retail Decisions' intention to strengthen its position in North America, the world's largest payment card market."