27th May 2014 08:02
LONDON (Alliance News) - Online gaming company Bwin.party Digital Entertainment PLC Tuesday said its Kalixa payments group has acquired card payment processing company PXP Solutions Ltd for an undisclosed fee.
Kalixa is Bwin's payment processing business. The company separated from the platform last year to concentrate more resources on building out its gaming operations.
Bwin said the acquisition of Hertfordshire-based PXP represents an important step in the acceleration of its three-year plan to grow Kalixa. The firm said integrating PXP will significantly grow the size of Kalixa's payment processing volume and is expected to generate substantial revenue synergies in the areas of credit and debit card acquisition and issuance.
The gaming firm said that on a pro forma basis in 2013, PXP and Kalixa processed a total transaction volume of EUR10 billion.
Bwin said post the acquisition, both PXP and Kalixa will continue to operate under their existing brand names and address their respective segments of the payments market.
"With further strategic moves planned for later in the year, Kalixa is well on its way towards achieving the scale, breadth and customer reach that will ensure it can realise its potential," Bwin added.
Bwin shares were quoted up 1.7% at 120.51 pence Tuesday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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