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January 11, 2019

Ingenico wraps up Paymark acquisition

French payments provider Ingenico Group has concluded the acquisition of New Zealand-based payment network Paymark.

The deal, valued at NZD190m ($129.9m), was first announced in January last year.

Paymark, owned by ANZ, ASB, BNZ and Westpac, will now be integrated within Ingenico’s Banks & Acquirers business arm.

Furthermore, Ingenico secured the green light for the purchase from the Commerce Commission two months ago.

The transaction was approved after the agency conceded that the deal would not result in competition issues in the concerned markets or in the supply of digital payment services.

The firm plans to continue investing in Paymark to serve banks, retailers and local partners, among others.

“With the acquisition of Paymark, Ingenico Group will be well positioned in the Pacific Region to deploy the full suite of its offer to retailers and financial institutions including in-store and online payment acceptance services as well as value-added products such as analytics and loyalty,” Ingenico said in a statement.

The latest deal continues the recent buying spree of Ingenico. Earlier this month, Ingenico completed the merger of German payments firm BS PAYONE with Ingenico Retail assets in DACH (Germany, Austria, Switzerland).

In November 2017, Ingenico snapped up Swedish rival Bambora from Nordic Capital.

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