East Africa based online payments processor Direct Pay has acquired a majority stake in South Africa based online payment processor PayGate. PayGate was founded in 1999 and has more than 15 years of experience in providing payment processing and merchant services throughout Southern Africa. The company enables online payments through a variety of payment solutions in SA and beyond, and supports an array of digital payment methods.
The merger is a landmark transaction for PayGate, says Peter Harvey, MD of PayGate. The Direct Pay Online (DPO) Group, East Africa's largest online payments processor, has acquired a majority stake in PayGate, SA's online payment processor, to create a pan-African presence. This follows a 22 September announcement that Apis Partners had made a private equity investment in excess of R100 million in DPO, formerly known as 3G Direct Pay. Under the deal, DPO is creating a new holding company in SA, which will be held by both 3G Direct Pay and the current PayGate shareholders. This holding company will hold a 100% shareholding in PayGate.
http://www.itweb.co.za/index.php?option=com_content&view=article&id=156261
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