DSV Group (Deutscher Sparkassenverlag) subsidiaries B+S Card Service, a Frankfurt am Main-based provider of cashless point-of-sale payment services, and PAYONE, a Kiel-based payment services provider, have agreed to merge.
The merger will form a new company BS PAYONE with headquarters in Frankfurt am Main and offices in Kiel and other locations across Europe. It will offer a combination of payment expertise in retail as well as e-commerce in Europe.
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The new entity will have nearly 255,000 customers in 18 countries, and handle over one billion transactions every year. It will employe nearly 650 people in six offices.
Under the deal, PAYONE’s founding managing directors and shareholders Carl Frederic Zitscher and Jan Kanieß will continue on board and join the BS PAYONE management team.
The transaction, which is expected to be complete by the third quarter of 2017, is subject to the approval of the Federal Financial Supervisory Authority (BaFin) and the Federal Cartel Office (Bundeskartellamt).
B+S Card Service management chairman Niklaus Santschi said: “The merger of B+S Card Service and PAYONE is the next logical step in the growth strategies of both companies. Together we can offer an innovative and attractive range of services along the entire payment value chain, across all channels, and covering international as well as country-specific payment methods.
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By GlobalData“The fact that both of the founders of PAYONE, Carl Frederic Zitscher and Jan Kanieß, as well as Dr. Frank Isfort of B+S are joining the new BS PAYONE management team means we are consolidating expertise and ensuring continuity.”
Commenting on the merger, Zitscher said: “Both companies complement each other ideally in terms of employees, technology, and customer base. From this starting point, we will establish a European market leader in omni-channel payments. Jan Kanieß and I are pleased that we will be participants in the future development of the new BS PAYONE, not just as members of the management team, but also as shareholders.”
