German payments company Wirecard has purchased all shares of the Brazilian internet payment service provider Moip Pagamentos (MOIP) from venture capital fund Ideiasnet for EUR23.5m in cash.
The acquisition will allow Wirecard to extend its payment platform to include alternative payment processes.
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Under the deal, Wirecard may owe further earnout payments totaling up to EUR13.5m, based on Moip achieving certain financial results in 2016, 2017 and 2018 fiscal.
The acquired business expected to achieve EBITDA of more than EUR7m for 2015 and between EUR15m and EUR18m for 2016 after integration costs, Wirecard said in a statement.
Founded in 2008, Moip Pagamentos has developed a payment platform for small and medium sized retailers focusing, in particular, on marketplaces and companies with direct sales. The company has more than 150 employees in Sao Paulo.
Moip CEO and founder Igor Senra said: "The acquisition by Wirecard qualifies Moip to reach broader markets in Latin America not only by a stronger financial structure, but also with a brought technological product offering in the next few years."
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By GlobalDataWirecard CEO Markus Braun said: "With our entry into the Brazilian market we are continuing our global expansion. As of now, it will also enable us to roll out our payment and issuing product lines in Latin America."
