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Smartpay Moves Ahead With 100% Acquisition Of CPSL
MEDIA RELEASE
Smartpay Moves Ahead With 100% Acquisition Of CPSL
Auckland, 30 March 2007 electronic product distribution and payments processing provider SmartPay Ltd (NZX: SPY) announced today that it has acquired 100 percent of Card Processing Services Limited (CPSL).
In September 2006, SmartPay took a strategic 35 percent investment in CPSL which manages back office transaction processing, data management and payment systems. The stake by SmartPay in CPSL is part of the Company’s strategy to develop new business opportunities and sourcing greater earnings potential.
Linc Burgess, CEO of SmartPay says that the purchase of CPSL fully secures a strong growth investment opportunity within the business, and also means that the Company will begin to increase its offering to the market as a total provider of electronic transaction processing systems.
“Now that CPSL is a wholly owned subsidiary, SmartPay has even greater scale as well as potential to expand its core business services around electronic transaction processing which is a growth market. SmartPay already manages a merchant base of approximately more than 3,000 retailers, and the acquisition of CPSL will assist in delivering even more value from this network through provision of additional services,” says Burgess.
ENDS
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