Net1 has made the investment in a bid to increase its activities outside its core South African operations, diversify its product offer as well as increase the Net1 management team with the addition of executives in Asia. The transaction is expected to close in the second quarter of 2011.
KSNet provides payment services in Korea and owns a base of approximately 200,000 merchants and an extensive direct and indirect sales network.
In March 2010, Net1 has also acquired the operating business of FIHRST Management Services, a South African private company that offers third party payroll payment services, for approximately USD 9 million.
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