Danish payment services firm Nets has concluded the acquisition of Polish online payment firms Dotpay/eCard from private equity firm MCI Capital after securing regulatory nod.

Nets said that Poland has “high growth potential through cash to digital payments conversion” that is backed by the government’s cashless initiatives.

The deal, first announced in June last year, is valued at €73m.

The acquired entities posted gross revenues of over €12m in 2017. The businesses have a workforce of around 80.

Dotpay and eCard will retain their existing brands and CEO Andrzej Budzik.

“As part of the Nets Group we will be able to drive faster time to market of state-of-the-art solutions, underlining our ambition to be at the forefront of innovation,” Budzik noted.

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By GlobalData

The deal is said to be mutually beneficial, offering the two parties increased industrial scale and synergies.

The companies are also said to be a “highly complementary strategic fit”.

Nets CEO Bo Nilsson said: “With the acquisition of Dotpay/eCard we extend our presence in Europe and get access to new opportunities in Poland which is a high growth market, especially within the merchant services area.

“We aim to continue the strong development Dotpay/eCard have experienced in recent years through both investments into organic growth and further consolidation.”