PayPoint acquires SECPay Limited
Published by webmaster for 24dash.com in Central Government
PayPoint plc has acquired SECPay Limited, an internet payment service provider ('PSP') for a net purchase consideration of £12 million, payable in cash to the shareholders.
SECPay is a fast-growing processor of real-time card payments for goods and services bought over the internet.
It offers more than 3,500 web merchants a gateway into their choice of any UK acquiring bank for authorising debit and credit card transactions.
In the year ended 30 June 2006, SECPay's revenue and profit before tax and interest, were £1.9 million and £0.3 million respectively.
The service complements that of PayPoint's existing PSP subsidiary Metacharge, which works with selected acquirers only and offers settlement and risk management services in addition to an authorisation gateway.
Dominic Taylor, Chief Executive of PayPoint, said: "SECPay enhances our position in the rapidly growing internet payments market and complements our recent acquisition of Metacharge. We now have a full range of payment processing services to offer internet merchants and a significantly larger merchant base."
PayPoint is a leading branded payment collection network used, primarily, for the cash payment of bills and services and prepayments for mobile telephones and energy meters.
There are over 16,000 retail outlets using PayPoint's payment terminals.