Video | Business Headlines | Internet | Science | Scientific Ethics | Technology | Search

 


Cadmus Acquires GDC EFTPOS Division

FOR IMMEDIATE RELEASE

Cadmus Acquires GDC EFTPOS Division

Auckland – May 31, 2001 - Payment solutions and data management services provider, Cadmus Technology Limited (NZSE: CTL) today announced that it had agreed to purchase the EFTPOS arm of listed New Zealand telecommunications company, GDC Communications Limited.

The acquisition will increase Cadmus’ share of the national EFTPOS terminal market, add a new brand to its portfolio and create downstream opportunities for value added sales.

The agreement, which is conditional on the approval of both boards of directors, will see Cadmus acquire the business, equipment, equipment leases and stock, together with the customer base of GDC EFTPOS, for an undisclosed cash sum.

The acquisition adds new sales and distribution channels to Cadmus’ existing EFTPOS Abilities distribution network.

GDC EFTPOS currently operates outlets and distribution channels in Auckland, Northland and Wellington and, while looking to expand, will also be able to add the Keycorp and Cadmus range of EFTPOS products to its existing Hypercom range of EFTPOS terminals.

“This deal allows Cadmus to not only provide Keycorp and Cadmus terminals to a new base of customers, but also offer solutions based on Hypercom terminals to existing and potential clients,” says Cadmus Managing Director, Ian Bailey. “For example, we can now offer clients networking solutions and software applications unique to Hypercom terminals.

“The agreement complements increased sales, growing market share and has been funded by the recent $7.4 million financing facility, recently put in place to accelerate the growth of our equipment rental business.”

Last month, Cadmus secured private finance to underwrite development and growth of its equipment leasing book, which was initially funded internally.

“Increasing our capability and market share by acquiring a sound and profitable business is a great move for Cadmus,” adds Ian. “We expect, on current performance alone, this move will have a positive effect on our bottom line performance.”

While the business will be a wholly owned subsidiary of Cadmus, it will operate as a stand alone unit under the leadership of the current Manager, Ron Mercier, and present staff will be retained.

With board approval pending, the settlement is expected to be completed by early June.

ENDS

Company Background
About Cadmus
Cadmus Technology Limited is an end-to-end payment solution and data management services provider. It operates a number of unique interfaces into the NZ EFTPOS infrastructure enabling the capture and processing of information relating to customer spend, as well as the processing of in-house and private label cards.
Clients include the Vodafone Warriors Rugby League, Bartercard, Stihl, TrustPower, and many of the major motor vehicle importers and distributors.
Cadmus has a 50% interest in PosPower Limited, via a joint venture agreement with TrustPower, a 50% interest in a joint venture with E-Smart Card Technologies Limited and a 4.55% strategic shareholding in Insight Technologies (Asia Pacific) Pty Limited.
For more information, please visit www.cadmus.co.nz

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Sci-Tech
Search Scoop  
 
 
Powered by Vodafone
NZ independent news