Paymark, New Zealand’s major payment network, is to be acquired by French company Ingenico Group for a fee of around NZ$190mn.
The agreement made by Ingenico and Paymark shareholders, which include ANZ, ASB, BNZ and Westpac, will see continued cooperation and an extension of services currently in force with Paymark and with these banks.
Liam O’Reilly, CEO of Paymark, commented: “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.”
Based in Auckland and employing over 150 people in New Zealand, Paymark has been processing transactions on behalf of banks and acquirers for over 25 years, handling over a billion transactions annually. The Paymark network is connected to all major card issuers and to more than 80,000 merchants.
Ingenico already has experience operating payments solutions in the Pacific region, most notably with POS and terminal solutions. It will now look to grow its footprint in New Zealand.
Patrice Le Marre, Banks & Acquirers Business Unit EVP of Ingenico Group, added: “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. 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.”