Irish payments network, Payzone, has sold its Swedish subsidiary to Nets, a pan-Nordic payments services provider based in Denmark, for an undisclosed sum.
Payzone Nordic was established in 1989 and headquartered in Stockholm. It has grown to be one of the largest electronic fund transfer networks in Sweden, generating sales of around EUR8 million last year and processing over 150 million transactions per year across the retail, hotel and restaurant sectors.
Netsalready has an established position in the Nordic POS market and this acquisition will help to strengthen its position within the Swedish market.
Payzone chief executive Mike Maloney said that the deal is strategically significant for the firm’s shareholders and results from the fact that the Nordic business is no longer deemed a core entity. He commented:
“Since the corporate restructuring of the group in 2010, we have been focusing on building core markets and businesses. Our Swedish payments business has been consistently growing over recent years in its core sectors of retail, hotel, and restaurants.Having deployed the business to this point, we are pleased to be selling to such an accomplished player in the Nordic payments market.”
“We will now continue to focus on growing Payzone Group’s business in other markets where we have invested significantly in technology infrastructure, to facilitate the growth of payments in newer categories such as paid utility and public sector payments.
“We are also growing the range of payments options we offer to consumers to include all virtual channels, alongside our retailer network of terminals.”
There’s more signs of consolidation in the crowded European payments space with news that Stockholm-based iZettle is buying a company called intelligentpos.
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