Point International ("Point") and Commidea Ltd. today announced that the companies have entered a definitive agreement under which Point will acquire Commidea, the leading UK based card payment processing solution provider. The acquisition was completed on 10 December 2009, making Commidea a fully owned subsidiary of Point, while maintaining its operations under the Commidea label. Both companies have agreed not to disclose the terms of the transaction.
Headquartered in Stockholm, Sweden, Point is a leading provider of electronic retail payment solutions in northern Europe. Point was established in 1987 and has local offices across the Nordic and Baltic regions. Point has helped retailers deliver more efficient sales and service through a process of continuous improvement. Point supplies tools for effective and secure electronic transactions, including hardware solutions as well as services such as software development, helpdesk, maintenance and transaction routing.
"Our companies have similarly successful backgrounds in our respective markets, and customers and locations that are truly complementary, which makes Commidea and Point a perfect match," said Michael Sundin, CEO, Point. "Commidea is an acknowledged technology leader in our field, and its experience in developing technologies such as contactless payment solutions makes the company a welcome and truly valuable addition to our Group."
Founded in 1992, Commidea has built a reputation for reliability, innovation and excellence, continually pushing forward the boundaries of credit card payment technology. Commidea is a market leader in the development of credit card processing technology, providing a range of high performance systems and tailor-made solutions for almost every industry and market sector. Commidea's customers include both public and private organisations, from multi-national high street retailers to small independent stores. They also include award-winning e-commerce sites and the UK's leading mail order companies. Furthermore Commidea supports many of the country's specialist distributors and system integrators.
"It is the ideal time to join forces with Point," said Simon Wilding, MD, Commidea. "Like Commidea, Point has a strong track record in innovation. The merger of the two organisations enables us to continue the development and delivery of market leading solutions such as advanced security and contactless payment technology."
""Commidea and Point will now be working together to consolidate and exploit each respective strengths to provide even better value and support to customers in the European markets. In total we will now support almost 400,000 payment devices" adds Michael Sundin.
Following the acquisition, the group will have an estimated 500 employees with annual sales of 120 Million Euros.