Pan African online and mobile payments provider DPO has penned a deal for a 100% acquisition by Network International.
Network International a regional enabler for digital commerce in the Middle East and Africa will use DPO’s capabilities to leverage online, mobile and alternative payments in Africa, riding on DPO’s network of over 47,000 active merchants in 19 African countries.
In addition, the deal will enable Network International to grow its merchant and mobile network operator relationships for customers of both companies. The deal will enable DPO group to enter the Middle East market and add point of sale payments to its product portfolio. DPO group CEO Eran Feinstein termed the acquisition deal a milestone for both businesses and their customers.
“Combining the two companies will allow us to broaden our offering for new and existing customers, significantly improving capacity for Africa’s merchants to do business not only across the continent but in the Middle East as well as globally,’’ he noted.
DPO will still operate under the same brand. Moreover, the company will still maintain its employees and executive team, with its executives and shareholders becoming key stakeholders in Network International.
The acquisition will also allow Network International to accelerate its strategic framework and future growth, combining both acquiring and issuing sides to its payment solutions.
“We are excited by this acquisition which will strengthen our strategic framework by combining both of our businesses’ activities across the African market. This deal will also enhance our offering in the payments value chain by the presence on both sides of the transaction, acquiring and issuing, and accelerate our future growth. Together we have a powerful combination to accelerate digital payments across our regions and offer a one-stop-shop solution for merchants, with multiple payment acceptance methods,” Said Simon Haslam, CEO of Network International.