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Ingenico spends EUR17m on 49% stake in Singapore's Korvac

16 September 2010  |  3096 views  |  0 Source: Ingenico

Ingenico (Euronext : FR0000125346 - ING), the leading worldwide provider of payment solutions, today announces a 49% strategic investment in Korvac Holdings Pte Ltd, a Singapore-based Payment Service Provider for S$30million, i.e. circa €17 million.

Founded in 1999, Korvac operates in the region of South East Asia.

Korvac focuses on delivering the following payment services to its key markets: merchant acquiring including payment infrastructure, transaction processing, loyalty management and consumer data analytics.

Philippe Lazare, CEO Ingenico, commented: "Our investment in Korvac is a perfect fit within the strategy of Ingenico, in the large and growing payment market in Asia. We have identified potential synergies with our other activities and will benefit from the strong presence of Korvac covering the whole payment value chain across South East Asia".

Jeremy Tan, CEO of Korvac Holdings Pte Ltd, commented: "We welcome this investment from Ingenico, which will enable Korvac to continue to develop the payment industry within the South East Asian region. The combined strengths of both groups provide a unique opportunity to develop our offer for service banks and merchants across the region".


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