Equens has acquired Commerzbank’s montrada business, a German card and network service provider.
Montrada operates as an independent card-services enterprise offering a complete service package for cashless payments. This ranges from consultancy to selecting the ideal payment method, to providing on-site terminal installations and customer support.
Equens and Commerzbank have also entered an extensive cooperation agreement as part of the deal.
The transfer will be finalised within the next few weeks, after which montrada will become a wholly owned subsidiary of Equens, further expanding the company’s presence in the European cards market.
The agreement is demonstrative of Equens’ goal to grow its transaction volumes and develop further growth opportunities as part of a strategy to become one of the largest payment and card processors in Europe.
“The acquisition of montrada is a very important strategic step for us in further expanding our card activities and services in Europe,” said Michael Steinbach, Chairman of the Equens board of directors.
“Montrada’s strong presence in the German cards market, combined with their highly skilled employees and the extensive cooperation agreement with Commerzbank, will allow us to take advantage of the enormous opportunities in the cards market in Germany and abroad.
Equens offers pan-European market coverage from offices in four countries – the Netherlands, Germany, Italy and Finland – and has an annual processing volume of around 9.4 billion payments.