Net Element has signed an agreement to acquire PayOnline, an online payment provider in Russia, through its subsidiary TOT Group Europe.
Under the agreement, PayOnline’s integrated platform of payment solutions including card2card transfer and payment split will be incorporated into the Net Element’s global service offering.
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The deal will enable the Net Element to cross-sell and monetize PayOnline’s merchant and reseller relationships, deploy technologies and services in selected emerging markets, and integrate PayOnline’s proprietary technologies into Unified Payments offering in the US.
The acquisition aims to benefit Net Element through PayOnline’s agreements with seven acquiring banks in Europe and five banks in CIS that allow electronic transactions for foreign merchants.
The transaction is subject to Net Element’s satisfactory completion of due diligence, definitive documentation and other customary closing conditions.
Following the deal, Social Discovery Ventures (SD Ventures) will become a Net Element shareholder and the companies expect to pursue further strategic collaboration.
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By GlobalDataPayOnline CEO Marat Abasaliev said: "Our market position and user base allows Net Element to accelerate growth in the region and gives our payment innovations greater global reach."
Net Element general director of emerging markets Konstantin Zaripov said: "By acquiring PayOnline we are creating synergy between PayOnline, TOT Money and Unified Payments businesses to create a customer solution that covers all methods of online and mobile payments in Russia."
Net Element CEO Oleg Firer said: "With this acquisition, we expect to grow business faster by catering to a broader range of users in the United States, Russia and other markets."
