The acquired company will continue to exist as an independent limited liability company under German law and will be expanded to become the central network operator and technical hub in the Concardis Group.
In 2015, the payment service provider acquired 70% in the Germany-based payments company in an attempt to strengthen its position in technical network operations and bring IT expertise on board for the development of new solutions for stationary and virtual Points of Sale.
The complete buy-out of Cardtech was facilitated by Advent International and Bain Capital Private Equity, the new partners in Concardis GmbH.
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