Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Netco Acquisition Delivers Momentum To Advantage

Acquisition Delivers Momentum as Advantage Rolls Out
Internet-Enabled POS

Auckland – 20 June 2000 – Advantage Group Limited (NZSE: ADV) today announced the purchase of New Zealand’s second largest reseller of EFTPOS terminals, as it prepares for the introduction of Internet-enabled Point Of Sale (POS) into the New Zealand market through the launch of ICE terminals.

The unconditional agreement will see Advantage acquire Netco’s business and assets, including a significant number of rental contracts. The business will operate as a wholly owned subsidiary of Advantage.
Netco has a New Zealand market share of approximately 45 percent of new connections.

“This represents a key acquisition of core relationships and marketshare as we ready to rollout Internet-enabled devices to the New Zealand market,” says Advantage CEO, Greg Cross. “The POS market has been stable - and hardware based - for almost a decade. The coming availability of a rich variety of e-commerce applications delivered to retailers through their POS terminals means that the POS business model will shift from a hardware rental model to a service-based model. It’s critical that the retail channel acquires new skillsets to deal with the opportunities of Internet enabled POS. Through this acquisition, we will fast-track the growth of these skillsets and we expect to see those capabilities rapidly replicated in other POS resellers. As we gear up for this revolution, the Netco acquisition adds significantly to our capabilities.”

Opportunities for Internet-enabled POS

“Advantage has an immense depth of knowledge in electronic payments,” says Advantage GM POS, John Tait. “The majority of New Zealand’s networked electronic payments infrastructure was developed and supplied by Advantage, including over 60 percent of today’s entire EFTPOS installed base.”

“We understand merchants needs intimately and with the purchase of Netco we plan to build on that capability in order to develop on-demand applications to offer on the upcoming ICE terminal platform. Naturally, we will continue to work closely with our existing reseller channel.”

“When we launch ICE next month, merchants will have the opportunity to integrate their POS equipment with the power of the Internet.

“The electronic payments market growth will accelerate with the introduction of Internet-enabled POS,” says Netco CEO and director Dave Spicer. “We’ve worked closely with Advantage since establishing our company, we believe Advantage are well-placed to literally change the face of this market and we are looking forward to being part of that through a larger organisation.”

“Merchant demand for electronic payment terminals at the point of sale will continue to grow, ” adds Tait. “We expect the Internet-enabled ICE terminal, with its ability to support all the related functions of a web device or PC such as supply ordering, banking and so on, will be a catalyst for accelerated growth.”

Approvals and Settlement

Advantage does not need to seek shareholder approval for this transaction. As the agreement is now unconditional, the settlement date is 3 July 2000.
Company backgrounds

About Advantage

Advantage Group Limited, an NZSE listed company, is a leading supplier of e-commerce and transaction processing solutions in New Zealand, Australia and throughout the southern hemisphere. The company has three business units: point-of-sale equipment, retail solutions and business-to-business e-commerce. Advantage provides hardware, software, transaction processing and funds transfer capabilities to enable complete e-commerce solutions.

About Netco

A 25-strong company, Netco has been based in Auckland since 1998. It is recognised as one of New Zealand’s top point of sale technology equipment suppliers. After Netco’s launch it rapidly became the leading supplier of Hypercom equipment. Together with its wholly-owned subsidiary The EFTPOS People, it is New Zealand’s leading supplier of new POS equipment.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Statistics: Butter At Record $5.67/Block; High Vegetable Prices

Rising dairy prices have pushed food prices up 2.7 percent in the year to October 2017, Stats NZ said today. This followed a 3.0 percent increase in the year to September 2017. More>>

ALSO:

Science: New Research Finds Herbicides Cause Antibiotic Resistance

New University of Canterbury research confirms that the active ingredients of the commonly used herbicides, RoundUp, Kamba and 2,4-D (glyphosate, dicamba and 2,4-D, respectively), each alone cause antibiotic resistance at concentrations well below label application rates. More>>

ALSO:

CO2 And Water: Fonterra's Environment Plans

Federated Farmers support Fonterra’s bold push to get to zero emissions of CO2 on the manufacturing side of the Co-operative, both in New Zealand and across its global network. More>>

ALSO:

Fisheries: Decision To Delay Monitoring ‘Fatally Flawed’

Conservation group representatives say a decision by the new Minister of Fisheries, Stuart Nash, to delay implementation of camera monitoring of fishing efforts in New Zealand is ‘fatally flawed’. More>>

ALSO:

Kaikōura Quakes: One Year On

State Highway One and the railway were blocked by damage and slips and the Inland Road suffered significant damage. Farms, homes and businesses suffered building and land damage. Power and internet went down, drinking water systems, sewage systems and local roads were all badly affected... More>>

ALSO: