The deal amounted to nearly USD 8 million, as reported by the online tech portal CNews.ru, referring to SEC documents, ewdn.com cites. The closing is still subject to the completion of due diligence and other customary closing conditions.
PayOnline provides online transaction processing services, controlling around 30% of the Russian IPSP market and, with its proprietary integrated platform of payment solutions, it serves more than 10 million active consumers and thousands of merchants in Russia and neighbouring countries as well as Europe and Asia.
Net Element expects to benefit from PayOnline direct agreements with seven acquiring banks in Europe and five banks in CIS that allow electronic transactions on behalf of foreign merchants. Via the deal, Net Element will be able to cross-sell and monetise PayOnline’s merchant and reseller relationships, deploy technologies and services in selected emerging markets and integrate PayOnline’s proprietary technologies into Unified Payments offering in the US.
Net Element also expects synergies with its existing property TOT Group. This global mobile payment and transaction processing provider includes Unified Payments, which operates in the US market, Aptito, a cloud-based point of sale payments platform and TOT Money, a provider of mobile payment, SMS messaging and mobile billing solutions in Russia. The new group is targeting users in the United States, Russia and other markets.
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