Wirecard acquires South African payment service provider

Tuesday 28 March 2017 10:50 CET | News

Wirecard has acquired all shares of MyGate Communications, a South Africa-based payment service provider.

The parties agreed upon a purchase price of EUR 23.1 million, consisting of an upfront payment of EUR 18.2 million and earn out payments of up to EUR 4.9 million. MyGate is expected to generate an EBITDA of EUR 2 million for the complete calendar year 2017.

MyGate enables merchants across Africa to accept different ecommerce payment options, in particular online card payments, thereby helping them serve millions of African consumers. The acquired PSP business along with its integration into Africas leading acquiring banks and the Visa network supplements the existing product portfolio offered by the subsidiary Wirecard South Africa. This merger speeds up Wirecard`s expansion into Africas international markets. In future, African merchants will receive a comprehensive payment solution along the entire value-added chain from a single source.

For more information about Wirecard, please check out a detailed profile of this company in our dedicated, industry-specific online company database.

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Keywords: Wirecard, South Africa, Payment Service Provider, MyGate Communications, ecommerce, online card payments
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce