News

Deal finalized in sale of major S African IAD, payments provider to global PE firm

November 4, 2013

Transaction Capital has announced the conclusion of its sale on Nov. 1 of Paycorp Holdings Ltd., a South African third-party switch provider, and major ATM deployer and service provider, to global private equity firm, Actis.

The transaction, which was announced in August, makes Actis the majority shareholder of Paycorp; company founder and CEO Steven Kark and his executive team are co-investors. 

The deal includes the entire issued share capital of Paycorp and its subsidiaries: ATM Solutions, which owns and operates 5,000 ATMs; DrawCard, a prepaid Visa gift card provider and processor; and EFTPOS, a provider of merchant POS terminals.

"Now that we are officially part of the Actis portfolio, we're looking forward to leveraging off their insight and expertise in growing businesses in emerging markets and expanding our footprint even further afield," said Kark. "With the backing of Actis, we are confident that Paycorp will maintain its leadership position in the market and its strong relationships with our clients and banking partners."

Actis has now made five payments industry investments within three years.

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