African payment service provider Direct Pay Online (DPO) Group has been acquired by Network International, an enabler of digital commerce across the Middle East and Africa, for an undisclosed amount.
DPO is one of the high-growth online commerce platforms in Africa, operating across 19 countries, including South Africa.
In a statement, DPO says in a landmark deal for the African payments space, Network International will acquire 100% of DPO Group, which will continue to operate under the same brand.
Headquartered in Dubai and listed on the London Stock Exchange, Network International is a pan-regional provider of digital payment solutions, with presence across the entire payments value chain, delivering integrated omni-channel payments services to its customers.
The acquisition of DPO Group will support Network International’s capabilities in Africa across online, mobile and alternative payments, as well as provide merchant and mobile network operator relationships and increase the cross-selling opportunities to both DPO and Network International’s customers, the companies note.
DPO Group says it is already a high-growth business, with revenue CAGR of 40% from 2017-2019.
It believes this transaction enables DPO to add point-of-sale payment solutions to its product portfolio, connecting DPO to acquirers and issuers across the African continent and enabling DPO to penetrate the Middle East market for the first time.
Eran Feinstein, CEO of DPO Group, comments: “This deal represents a significant milestone for the pan-African payments landscape and the customers and businesses we serve. Combining the two companies will allow us to broaden our offering for new and existing customers, significantly improving capacity for Africa’s merchants to do business not only across the continent but in the Middle East as well as globally.”
Simon Haslam, Network International’s chief executive officer, says: “We are excited by this acquisition which will strengthen our strategic framework by combining both of our businesses’ activities across the African market.
“This deal will also enhance our offering in the payments value chain by presence on both sides of the transaction, acquiring and issuing, and accelerate our future growth. Together, we have a powerful combination to accelerate digital payments across our regions and offer a one-stop shop solution for merchants, with multiple payment acceptance methods.”
DPO Group says it will retain its executive team and employees, as it continues to expand and will drive the payments agenda of the larger group within the African continent and the Middle East.
The acquisition will also see DPO Group’s shareholders and executives become key stakeholders in Network International.
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