SmartPay hunting more acquisitions: chairman

ProvencoCadmus buy won't be the last, meeting told

Electronic payments provider SmartPay is on the lookout for further acquisitions following its purchase of ProvencoCadmus’ payments division last year.

SmartPay chairman John Seton told shareholders at a special general meeting in Auckland today that: “The search for suitable acquisitions that complement our business model is not over,” despite the $6 million spent on the ProvencoCadmus deal.

Seton told shareholders, who attended the meeting in order to ratify resolutions relating to the issue of several packages of shares and options, that: “We will continue to look for opportunities to provide further synergies, expand our product range and deepen customer relationships as appropriate.”

The opportunity to buy the ProvencoCadmus payments division came about after ProvencoCadmus was placed in receivership last year.

At the meeting, Seton said “The directors consider the acquisition to represent good commercial value, as the worth of assets acquired, together with likely future cash flows, well exceed the purchase price”.

Developments since the ProvencoCadmus purchase include SmartPay equipping Auckland’s Co-op Taxis with new, upgraded versions of Cadmus Eftpos terminals last month.