News: Trade Me Group acquires Paystation

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Dual-listed Trade Me Group Limited (ASX:TME, NZE:TME) has inked a deal to buy a Wellington-based online credit card processing and payments gateway called Paystation. 

 

The online marketplace and classified advertising platform says the purchase price is confidential but not material and will be funded through cash. 

 

Paystation was founded in 2002, has 17 staff and more than 2,500 customers and the acquisition will include two other related companies called Face and Netspace Services. 

 

Trade Me Group says Paystation’s expertise will complement Trade Me’s core business and the deal is expected to be tied up by the end of September. 

 

Trade Me Group reported a net profit of $74.4 million in the full 2014 financial year.