NETELLER acquires stake in Centricom
16 August 2007
NETELLER Plc, the independent global online payments business, has completed the acquisition of a strategic stake in Centricom Pty Limited.
Centricom Pty Limited is an Australian company based in Melbourne that provides a range of web-based transaction services, including online payments, straight-through processing, reconciliation and advanced transaction integration solutions.
NETELLER has agreed to invest a sum of AUD $5 million in consideration of a minority stake holding in Centricom, on a fully diluted basis. As part of the investment, NETELLER will appoint one director to the Centricom board.
Through an existing partnership, NETELLER introduced the POLiTM service to its Australian customers in January 2007 as a safe and convenient method of payment direct from their bank accounts. The POLiTM system allows customers to make payments online, from their existing internet banking service, without
disclosing their bank or credit card details to the merchant.
Ron Martin, President & Chief Executive Officer of NETELLER, said:
'We are pleased to cement our existing relationship with Centricom through this investment. We look forward to working with Centricom to drive the business through its next phase of growth. NETELLER will continue to seek out strategic relationships with companies such as Centricom who offer compelling products and services that enhance our innovative online payment solutions to our global customers and merchants.'
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