Ingenico Group to acquire Paymark in deal worth $138.8mn
Major New Zealand payment network Paymark has announced that it is set to be acquired by French company Ingenico Group in a deal worth NZ$190mn ($138.8mn).
The agreement made by shareholders of Ingenico and Paymark, of which include ANZ, ASB, BNZ and Westpac, will see Paymark continue its cooperation and services that the firm currently endeavours in with these banks.
“We are delighted to become part of the Ingenico Group. Our strong offering in transaction services coupled with Ingenico’s extensive experience throughout the payment value chain will definitely be a game changer in the growing New Zealand market,” said Liam O’Reilly, CEO of Paymark.
The Auckland-based firm employs over 150 people, processing billions of transactions annually. The company is connected to all major card issuers and to more than 80,000 merchants.
Acquirer Ingenico has already gained experience operating payments solutions in the Pacific region, most notably with POS and terminal solutions. It will now look to expand and grow its footprint in New Zealand.
“The acquisition of Paymark represents a great addition to the company’s portfolio and is fully aligned with Ingenico Group’s strategy to provide payment solutions and services across all channels,” said Patrice Le Marre, Banks & Acquirers Business Unit EVP of Ingenico Group. “It is a strong springboard to deploy that strategy in the Pacific region.”
“We will continue to invest in Paymark in order to keep providing the best payment solutions to serve our customers including ANZ, ASB, BNZ and Westpac, with whom we have built strong relationships in the region.”