- With this acquisition Nets further strengthens the Group's European presence and gains access to the sixth largest country in EU with high growth in digital payments
- Dotpay/eCard's customers will benefit from a broader portfolio of state-of-the-art eCommerce solutions
Ballerup, Denmark, and Warsaw/Cracow, Poland – 19 June 2018. Nets, a market leader in the payments industry, today announced the acquisition of Dotpay/eCard that are amongst the leading online payment service providers in Poland. Andrzej Budzik will continue as CEO of Dotpay/eCard and report directly to Asger Hattel, Head of Merchant Services in Nets, and the brands of Dotpay and eCard will remain.
With this acquisition Nets gains access to the sixth largest country in EU by inhabitants with a growing economy, solid growth in eCommerce volumes and high growth potential through cash to digital payments conversion, well supported by governmental cashless initiatives.
CEO of Nets, Bo Nilsson, said: "With this acquisition we extend our geographic presence in Europe, especially within the high growth merchant services area as we now get better access to pursuing opportunities in Poland. Dotpay/eCard have performed very strongly in recent years achieving solid volume and revenue growth. We aim to continue and strengthen this development through both investments into organic growth and potentially also via further consolidation."
Nets and Dotpay/eCard have a highly complementary strategic fit. With a comprehensive product suite, primarily within eCommerce, Dotpay/eCard complement Nets very well, and both Nets and Dotpay/eCard will benefit from increased industrial scale and synergies through joint innovation, for instance.
CEO of Dotpay/eCard, Andrzej Budzik, commented:
"With our offerings in the eCommerce area we will further strengthen our combined portfolio within merchant services, and, as part of the Nets Group, we will be able to speed up innovation building on our joint capabilities to the benefit of merchants and consumers."
Dotpay/eCard employ about 100 people and the expected gross revenues for 2018 are EUR 19 million.
Investment Partner of MCI Capital, Łukasz Wierdak, added: "I would like to thank the management and all the employees for their cooperation and the strong development of Dotpay/eCard. Another chapter is opening up and judging by the dynamics in the industry, it will certainly be an interesting time characterised by further growth. From MCI's perspective, we have achieved a great success confirming our expertise within the area of the digital economy and fintech, and equally importantly, we are passing Dotpay/eCard into very good hands."
The acquisition is subject to approval by the relevant Polish authorities. Closing is expected to be in Q4/2018.
Media contacts – Nets
Head of Press Relations
T.: +45 29 48 26 46
Media contacts – Dotpay/eCard & MCI Capital
Marketing and Corporate Communications Director
At Nets, we see easier products and solutions as the foundation for growth and progress – both in commerce and society. With 2,400 employees located in Denmark, Norway, Finland, Sweden and Estonia, we help financial institutions, businesses and merchants across the Nordic and Baltic regions make tomorrow a little easier for their customers while delivering unrivalled security and stability. Powering a tomorrow that's easier than today. This is what drives us.
Dotpay and eCard are both Polish payment institutions jointly forming a leading one-stop shop for e-payment solutions in Poland by combining the capabilities of a licensed card acquirer and a payment service provider which offer merchants comprehensive, omni-channel payment solutions tailored to the most demanding business processes. With 15 years of experience and about 100 employees located in Warsaw and Cracow, we service over 30,000 merchants in all e-payment segments.
About MCI Capital
MCI Capital, founded in 1999 in Warsaw, Poland, is one of the most dynamic private equity groups in Emerging Europe focused on digital transformation. Currently, with the use of Private Equity / Venture Capital funds, MCI implements growth stage and expansion/buy-out stage investments in CEE Region, Germany and Austria (DACH). MCI Capital is also active in the field of private debt.
The assets under management of around PLN 2,3 Bn (USD 600 M) are dedicated to fintech, e-commerce and IT infrastructure.
Latest significant milestones included exit from iZettle to Paypal, sale of CEE e-travel champion Invia, and purchase of insurtech leader in Hungary – Netrisk.