Company Name: Star Payment Systems
Announcement Date: 30/01/2017
Announcement Category: Merger/acquisition
Announcement Content:
Indue is an automatic teller machine (ATM) switching, settlement, processing, telecommunications and reseller business.
It provides services to circa 70 ATM deployers, 1,700 ATMs, 1,350 modems and processes 12 million transactions per annum.
Stargroup is a dual listed technology company that owns a 350+ ATM network in Australia and provides EFTPOS and payWave technologies, and has a 11% interest in NeoICP Korea Inc, the manufacturer of cashPod ATMs, back office and casino settlement solutions.
Stargroup offers two key products - ATMs and EFTPOS terminals.
The acquisition of Indue will support Stargroup as it continues its revenue growth and will also provide the business with synergies.
Todd Zani, chief executive officer, commented: “Both parties are committed to this acquisition and the ongoing relationship and the transaction is unconditional. We will advise the market as soon as the transaction is complete.”
Announcement URL: http://www.proactiveinvestors.com.au/companies/news/172266/stargroup-proceeding-with-indue-acquisition-172266.html
About Star Payment Systems:
Financial technology company Stargroup Limited is the only ASX listed company deploying ATM machines in Australia and importantly, the only listed ATM company having a direct ownership interest in the manufacturer of its ATM technologies, namely NeoICP, a South Korean private company.
Stargroup Limited became the exclusive distributor of the cashPod ATM range including the recycler ATM, back office and payment technologies in Australia for the next 5 years on 7 August 2015.
Stargroup Limited, via its wholly owned subsidiaries, StarPOS and StarApps, is also an EFTPOS and payWave technologies provider and developer of the source code in its terminals via its 5 year distribution agreement with West International AB, a Swedish NASDAQ listed company, to distribute next generation EFTPOS payment terminals and solutions in Australian and New Zealand.
Go to Company Profile for: Star Payment Systems
Announcement Contact: [email protected]
