26th Feb 2007 10:08
PayPoint PLC26 February 2007 26 February 2007 PayPoint announces acquisition of SECPay Limited, an internet payment serviceprovider. PayPoint plc, a leading cash and internet payments group, announces that it hasacquired SECPay Limited, an internet payment service provider ('PSP') for a netpurchase consideration of £12 million, payable in cash to the shareholders. SECPay is a fast-growing processor of real-time card payments for goods andservices bought over the internet. It offers over 3,500 web merchants a gatewayinto their choice of any UK acquiring bank for authorising debit and credit cardtransactions. In the year ended 30 June 2006, SECPay's revenue and profit beforetax and interest, were £1.9 million and £0.3 million respectively. The servicecomplements that of PayPoint's existing PSP subsidiary Metacharge, which workswith selected acquirers only and offers settlement and risk management servicesin addition to an authorisation gateway. Dominic Taylor, Chief Executive of PayPoint, said: "SECPay enhances our positionin the rapidly growing internet payments market and complements our recentacquisition of Metacharge. We now have a full range of payment processingservices to offer internet merchants and a significantly larger merchant base." Enquiries Finsbury 020 7251 3801 Rollo HeadDon Hunter About PayPoint PayPoint is a leading branded payment collection network used, primarily, forthe cash payment of bills and services and prepayments for mobile telephones andenergy meters. There are over 16,000 retail outlets using PayPoint's paymentterminals. PayPoint began trading in 1996 and initially collected payments through itsnetwork of retail agents for its founder client investors, who included BritishGas, BT, BBC TV Licensing, London Electricity (now part of EDF Energy) and fourwater companies. Clients include many of the UK and Ireland's major energy, cable, mobile andfixed line telephony companies. PayPoint's blue chip client list also extends tonumerous water companies, local authorities and housing associations and agrowing transport and travel base. In November 2006, PayPoint entered the internet payments market through theacquisition of Metacharge Limited. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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