EDB Teamco acquires majority stake in Paynet

EDB Teamco acquires majority stake in Paynet

Norwegian IT services group EDB Teamco has acquired a majority stake in Paynet, a supplier of secure systems for card-based Internet payments.

Paynet, which supplies secure card payment services to both Visa and Europay in Norway, reported a transaction volume of almost Nkr22 million in the first quarter. Turnover is currently increasing by almost ten per cent per month.

EDB Teamco now commands a 66.7% shareholding in Paynet, with Europay Norge holding the remaining 33.3%.

Jan Eivind Fondal, director of Europay Norge, comments: "Collaboration with EDB Teamco will help us to further develop and market Paynet's products and services in the international as well as domestic markets."

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