EDB Teamco, a wholly owned subsidiary of EDB Business Partner ASA, has acquired all the privately held shares in the company Paynet. This gives EDB Teamco a 66.7% shareholding in Paynet, with Europay Norge holding the remaining 33.3%.

 

Paynet's main products are secure systems for card-based Internet payments, and the company supplies these systems to Europay Norge and Visa Norge. Paynet reported a transaction volume of almost NOK 22 million in the first quarter, and its turnover is currently increasing by almost 10% pr. month. Paynet is embarking on a process of internationalisation aimed at making international Internet payments by card just as straightforward and secure as using cards in a physical terminal.

 

 

"By taking this step we have gained a new partner with strong resources to support our development of straightforward and secure Internet payment systems" explains Jan Eivind Fondal, Director of Europay Norge. "Collaboration with EDB Teamco will help us to further develop and market Paynet's products and services in the international as well as domestic markets. In addition EDB's expertise and marketing skills for the banking and finance sector will help to open new doors for Paynet."

 

"This acquisition is motivated by both commercial and strategic considerations," adds John-Arne Haugerud, Managing Director of EDB Teamco. "It positions us as a strong supplier of secure Internet-based payment systems on a level with the most respected players in this market. In addition Paynet reports a strong commercial performance".

 

 

EDB Teamco is the largest supplier of IT operating services in Norway. Europay Norge operates card services for Eurocard and MasterCard in Norway. The 1.8 million Norwegian card customers managed by Europay generate transaction volumes of over NOK 20 billion through Eurocard and MasterCard.

 

John-Arne Haugerud, Managing Director, EDB Teamco, Tel: +47 90 11 53 37 (mobile)

Jan Eivind Fondal, Head of Risk Management, Europay Norge, Tel. +47 22 98 11 52 / +47 98 21 11 52.