SmartPay, a New Zealand-based EFTPOS Provider, has reached an agreement with the receivers of ProvencoCadmus to purchase the Payments division of the company, including the New Zealand and Australian payments operations, transactional business and all intellectual property relating to payments.
Reportedly, Provenco, New Zealand-based provider of EFTPOS related products and software, merged with Cadmus in 2007, to develop the company into an international provider of payment terminals and went into receivership due to unsustainable debt, lack of investment capital and a weaker than expected trading performance in its retail automation business. It is expected to amalgamate SmartPay into the existing business offices of Provenco Cadmus.
Ian Bailey, managing director, SmartPay, said: “The ProvencoCadmus customer base will augment SmartPay’s current clients so that the combined company of over 25,000 terminals installed in the market has the scale and reach to deliver ongoing efficiencies, business opportunities and revenue both in New Zealand and internationally. It will also increase SmartPay’s product offering that includes VoIP, Broadband, EFTPOS terminals and secure EFTPOS internet connectivity through to audio and video, music, messaging as well as managing one of the largest Wi-Fi networks in New Zealand.”
“The shared history, common links and synergy between both businesses is very strong. Many of the staff who assisted in establishing Cadmus are now employed by Smartpay so we understand the ProvencoCadmus payments business very well. Initially we will keep the ProvencoCadmus business separated from the current SmartPay business so that both entities remain focused on their business plans and strategies. In terms of ProvencoCadmus payments we will return to the Cadmus successful growth strategy in place prior to the merger and focus on developing and growing the customer base,” he added.
