Germany's Wirecard is expanding again through the acquisition of MyGate Communications, a small but fast-growing payment services provider based in Cape Town, South Africa.

Wirecard agreed to pay $50 million for MyGate, a 21-person firm founded in 2007 that provides e-commerce payments acceptance services for merchants across Africa, Wirecard said in a March 28 press release.

The deal will speed up Wirecard’s expansion in Africa and enhance services that Wirecard South Africa, the company’s subsidiary in the region, already offers, according to the release.

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Kate Fitzgerald

Kate Fitzgerald

Kate Fitzgerald is an Arizona-based senior editor for PaymentsSource.