Nets, a market leader in the payments industry, today announced the acquisition of Dotpay/eCard, which is amongst the leading online payment service providers in Poland. Andrzej Budzik will continue as CEO of Dotpay/eCard and report directly to Asger Hattel, Head of Merchant Services in Nets, and the brands of Dotpay and eCard will remain.
With this acquisition Nets gains access to the sixth largest country in the EU by inhabitants with a growing economy, solid growth in eCommerce volumes and high growth potential through cash to digital payments conversion, well supported by governmental cashless initiatives.
CEO of Nets, Bo Nilsson, said: “With this acquisition, we extend our geographic presence in Europe, especially within the high growth merchant services area, as we now get better access to pursuing opportunities in Poland. Dotpay/eCard have performed very strongly in recent years achieving solid volume and revenue growth. We aim to continue and strengthen this development both through investments in organic growth and potentially also via further consolidation.”
Nets and Dotpay/eCard have a highly complementary strategic fit. With a comprehensive product suite, primarily within eCommerce, Dotpay/eCard complement Nets very well, and Nets and Dotpay/eCard will benefit from increased industrial scale and synergies through joint innovation.
CEO of Dotpay/eCard, Andrzej Budzik, commented: “With our offerings in the eCommerce area we will further strengthen our combined portfolio within merchant services, and, as part of the Nets Group, we will be able to speed up innovation building on our joint capabilities to the benefit of merchants and consumers.”
Dotpay/eCard employ about 100 people and the expected gross revenues for 2018 are EUR 19 million.
Investment Partner of MCI Capital, Łukasz Wierdak, added: “I would like to thank the management and all the employees for their cooperation and the strong development of Dotpay/eCard. Another chapter is opening up and judging by the dynamics in the industry, it will certainly be an interesting time characterised by further growth. From MCI’s perspective, we have achieved a great success confirming our expertise within the area of the digital economy and fintech, and equally importantly, we are passing Dotpay/eCard into very good hands.”
The acquisition is subject to approval by the relevant Polish authorities. Closing is expected to be in Q4/2018.