TME
15/09/2014 11:26
ASSET
REL: 1126 HRS Trade Me Group Limited
ASSET: TME: Trade Me acquires Paystation
15 SEPTEMBER 2014
Trade Me acquires Paystation
Trade Me has agreed to buy Paystation, a Wellington-based online credit card
processing and payments gateway. A due diligence process has been completed
and the sale and purchase agreement is unconditional. The acquisition is
expected to be completed by the end of September.
Paystation was founded by Gerard Creamer in 2002 and was initially run from
an old army barracks in the backyard of his Palmerston North house. It is now
based in Wellington and has 17 staff and more than 2,500 customers.
Trade Me CEO Jon Macdonald said that Paystation's expertise would complement
Trade Me's core business. "It's no secret that we want to make trading on
Trade Me faster and easier. We think the mix of Paystation's payments nous
and Trade Me's trusted community of buyers and seller holds a lot of
opportunity."
The acquisition also includes two other related companies: Face (web
development) and Netspace Services (server hosting).
The purchase price is confidential but not material. The transaction is cash
funded.
-ends-
Contacts:
Media: Paul Ford, Trade Me, [email protected]
Investors: Colin Rohloff, Trade Me, [email protected]
End CA:00255245 For:TME Type:ASSET Time:2014-09-15 11:26:15
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