PayPoint has today completed the acquisition of Verrus Mobile Technologies and Verrus UK.
The deal for Verrus – which provides services to parking authorities – sees PayPoint hand over an initial £25m in cash. It is also due to pay £4m in deferred consideration and a further £4m depending on Verrus’s results until 2013.
Verrus operates both under its own name and the PayByPhone brand and has contracts in the UK, France, Canada and the US. Its existing management will continue to run the business after the takeover.
“Verrus is an important acquisition for PayPoint and a key development in our strategy of broadening our payment services capability,” said PayPoint chairman David Newlands.
The deal was first announced last Thursday.
Camelot planning to launch top-up and bill payment service (20 February 2010)
PayPoint blames sales dip on mobile deals (21 January 2010)
Cash is king for cautious c-store shoppers (21 October 2009)