Paymark accepts NZ$190mn offer from French payment firm Ingenico Group

By Addie Thomes

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.”

RELATED STORIES:

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.”

Share

Featured Articles

How India is bucking the global dealmaking downturn

M&A deal volume and value reach record highs in India in 2022, despite slower dealmaking globally – as scope activity and acquisitions in renewables surge

Create C-suite space for the Chief Transformation Officer

Responsible for driving growth and change, the Chief Transformation Officer is the latest addition to the C-suite as business undergoes major change

12 AI predictions for the enterprise in 2023 – Dataiku

With 2023 likely to be a huge year for AI, experts from AI platform provider Dataiku deliver their enterprise AI and ML trends for the year ahead

Welcome to the new breed of private members' clubs

Leadership & Strategy

Welcome to the New Age of the CISO

Leadership & Strategy

Making the UAE the world’s strongest digital fortress

Technology