Asia Payment Systems, the card processing network provider, has signed an agreement to acquire all of the shares of its strategic partner InterPay International Group.
According to Asia Pay, the purchase is expected to lead to an expanded company that has ongoing revenues from established operations in Asia while at the same time gaining additional resources to devote to realizing opportunities in China and other emerging markets.
Robert Clarke, CEO of Asia Pay, said, Completion of the InterPay purchase will, in effect, create a new and far stronger Asia Pay. We expect to show revenue growth and cash generation in 2006 which will be significantly higher than if Asia Pay were to continue to operate on our current basis. The acquisition of InterPay is expected to transform Asia Pay into a major player in the payment and loyalty cards industry in the Asian region within the foreseeable future.
Asia Payments says both companies expect the new organization and management team in place early in the second quarter.