Net Element acquires PayOnline payment service
MOSCOW. March 18 (Interfax) - Net Element has acquired PayOnline payment service, Net Element said in a statement.
"The acquisition will allow the Company to cross-sell and monetize PayOnline's merchant and reseller relationships, deploy technologies and services in selected emerging markets, and integrate PayOnline's proprietary technologies into Unified Payments offering in the United States," the statement said.
Net Element is expecting the deal also to expand the company's international presence, in particular on the U.S. market. "Post acquisition, Social Discovery Ventures ("SD Ventures"), whose holdings include Shocase, Shazam and Anastasia Date, will become a Net Element shareholder and the companies intend to pursue further strategic collaboration," the statement said.
Net Element specializes in mobile payments and transaction services. The company owns and manages TOT Group, a provider of mobile payments and transaction processing. Net Element offers services for payment processing on the TOT Money platform to clients of the operators of "the big three" and Alfa-Bank . Net Element also works with Russia's Mail.ru Group.
PayOnline is a payment service provider operating on the markets of CIS countries, Europe and Asia. The company's partners include Bank of Moscow , VTB 24 , Raiffeisenbank, Global Payments (UCS), WireCard Bank.
Social Discovery Ventures (SDV) is an international holding working in the field of software and high technologies, which offers social platforms, projects for personal development and online entertainment. SDV invests in B2C projects.
