16th Aug 2007 07:00
NETeller PLC16 August 2007 NETELLER Plc NETELLER EXPANDS IN ASIA PACIFIC BY ACQUIRING STAKE IN CENTRICOM Thursday, 16 August 2007 - NETELLER Plc (LSE: NLR), the independent globalonline payments business, announces that it has recently completed theacquisition of a strategic stake in Centricom Pty Limited ("Centricom"). Thekey points of the investment are: • Centricom operates the POLiTM payment platform in Australia and NewZealand. • NETELLER will pay a total of AUD$ 5 million (approximately US$ 4million) for a significant equity position in Centricom. • Extends NETELLER's expertise as a payments hub for its merchantsinitially in the Asia Pacific region. Centricom Pty Limited is an Australian company based in Melbourne that providesa range of web-based transaction services, including online payments,straight-through processing, reconciliation and advanced transaction integrationsolutions. NETELLER has agreed to invest a sum of AUD $5 million in consideration of aminority stake holding in Centricom, on a fully diluted basis. As part of theinvestment, NETELLER will appoint one director to the Centricom board. Through an existing partnership, NETELLER introduced the POLiTM service to itsAustralian customers in January 2007 as a safe and convenient method of paymentdirect from their bank accounts. The POLiTM system allows customers to makepayments online, from their existing internet banking service, withoutdisclosing their bank or credit card details to the merchant. Centricom is backed by a strong financial partner in Melbourne-based Jagen group("Jagen"). Jagen is an international investment group with interests across abroad range of industries in the United States, Europe and the Asia Pacificregion. Jagen will continue to own the majority shareholding in Centricomfollowing the NETELLER investment, along with Centricom's directors andemployees. This investment furthers the NETELLER Group's presence in the important andexpanding Asia Pacific online payment market. Ron Martin, President & Chief Executive Officer of NETELLER, said "We arepleased to cement our existing relationship with Centricom through thisinvestment. We look forward to working with Centricom to drive the businessthrough its next phase of growth. NETELLER will continue to seek out strategicrelationships with companies such as Centricom who offer compelling products andservices that enhance our innovative online payment solutions to our globalcustomers and merchants." Simon Warner, Managing Director of Centricom, said "We welcome the investmentfrom NETELLER as a milestone in our development which will enable us to roll outthe POLiTM service to more merchants and build further consumer brand awareness. This partnership is further evidence that Centricom is serious about being themajor provider of online payments in Australia, New Zealand and beyond." Enquiries: Andrew Gilchrist + 44 (0) 1624 698 713VP Communications, NETELLER Plc Daniel Stewart & Co Plc + 44 (0) 207 776 6550Paul Shackleton Citigate Dewe Rogerson + 44 (0) 207 638 9571Sarah Gestetner / Ged Brumby / George Cazenove Notes to Editors About the NETELLER Group Trusted by customers and merchants in over 160 countries to move and managebillions of dollars each year, the NETELLER Group operates the world's leadingindependent online payments business. The Group specialises in providinginnovative and instant payment services where money transfer is difficult orrisky due to identity, trust, currency exchange or distance. Being independenthas allowed the Group to support thousands of retailers and merchants in manygeographies and across multiple industries. NETELLER Plc is quoted on the London Stock Exchange's AIM market, with a tickersymbol of NLR. NETELLER (UK) Limited is authorised and regulated by theFinancial Services Authority (FSA) to operate as a regulated e-money issuer. Formore information about the Group visit www.netellergroup.com. About Centricom Since its launch in October 2004, Centricom has been steadily building andrefining its online payments business. Under the guidance of Managing DirectorSimon Warner, the Centricom team brings together industry experts in banking,on-line transactional processing and Web based services. The POLiTM service nowoperates in three countries; Australia, New Zealand and, with its partner ATMSolutions, South Africa. For more information on Centricom and the POLiTMservice, visit www.centricom.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Paysafe Group