France’s Ingenico Group has bolstered its position in Southeast Asia by signing a deal to acquire Singapore-based Nera Payment Solutions, the payment solutions business of Nera Telecommunications, for SGD88m ($63.8m).
Nera Payment, a developer of payment software, has presence in Thailand, Singapore, Indonesia, the Philippines, Malaysia and Vietnam.
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It generates SGD47m in revenue a year and has a workforce of over 250.
Following the deal, Ingenico Group’s will be able to leverage Nera’s existing distribution and services network – call centers and field services.
The deal is expected to complete during the third quarter of 2016.
Ingenico Group EVP for Asia Pacific & Middle East Patrice Le Marre said: "I’m pleased that the Nera Payment Solutions management team is joining Ingenico Group. Nera Payment Solutions is in a good position to double its revenue in the coming years. With this strategic acquisition, we will be able to fully capture Asia’s strong market growth."
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By GlobalDataNera Telecommunications CEO Samuel Ang said: "By becoming a subsidiary of Ingenico Group, our Payment Solutions business will enjoy the corporate, financial and technical backing of a global leader in payments. Ingenico Group will take our team to the next level under their global umbrella and we are convinced that our Payment Solutions people will build a high-quality regional business."
