UK-based payment technology vendor CreditCall has completed a management buy-out with the backing of FF&P Private Equity and Bestport Ventures. Financial terms were not disclosed.
CreditCall provides transaction processing services, connecting merchants across Europe, the United States and Canada with banks and acquirers. The firm also provides card acceptance technology for unattended machines - such as parking, ticketing and vending - and e-commerce and mobile payments.
Explaining the decision to carry out a buy-out, the management team, Peter Turner, Jeremy Gumbley and Siân Bosley, cite a new chip and PIN card acceptance system for BlackBerry and Android smartphones and its EMV migration offering for the US market. MasterCard and Visa are both pushing for the American market to ditch mag-stripe cards in favour of EMV.
Says CEO Turner: "Since 2007 CreditCall has demonstrated constant innovation and continuous profitability. With the support of FF&P and Bestport, we are excited by the opportunity to increase revenues substantially in CreditCall's current and emerging markets."