Ingenico to buy New Zealand payment processor
Ingenico Group has agreed to acquire Paymark, a leading payments processor in New Zealand, for about US$140 million.
The deal connects Ingenico to Paymark’s network of major card issuers and acquirers, and more than 80,000 merchants in New Zealand, enabling Ingenico to offer local retailers and financial institutions more services including analytics and loyalty tools, according to a Wednesday press release. The deal is set to close in the second quarter of this year.
Combined with Ingenico’s $1.7 billion purchase last summer of Swedish payments software provider Bambora, the Paymark acquisition positions Ingenico to accelerate its growth of in-store and online payments acceptance services throughout the Pacific region, the release noted.
“Building on the recent acquisition of Bambora, Ingenico will now be able to expand its offering in New Zealand, delivering services and solutions in all areas of payments for small and large businesses and financial institutions alike,” said Dominic White, Ingenico’s vice president for the Pacific region, in the release.