{"id":43782,"date":"2013-08-07T10:32:41","date_gmt":"2013-08-07T08:32:41","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=43782"},"modified":"2013-08-07T11:16:33","modified_gmt":"2013-08-07T09:16:33","slug":"paycorp-sold-to-uks-actis-in-r1-billion-deal","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/trending\/43782\/paycorp-sold-to-uks-actis-in-r1-billion-deal\/","title":{"rendered":"Paycorp sold to UK’s Actis in R1 billion deal"},"content":{"rendered":"

UK private equity firm Actis<\/a>, has announced the acquisition of South African independent payments group,\u00a0Paycorp Holdings<\/a>, from\u00a0Transaction Capital<\/a>, in a deal\u00a0worth approximately R937 million.<\/p>\n

Transaction Capital is a non-deposit taking financial services group active in asset-backed lending, unsecured lending, credit services and payment services.<\/p>\n

Actis will become Paycorp\u2019s majority shareholder, while founder and CEO, Steven Kark<\/a> and his executive team, will become co-investors.<\/p>\n

The transaction includes the entire issued share capital of Paycorp and its subsidiaries: ATM Solutions, DrawCard and EFTPOS.<\/p>\n

ATM Solutions owns and operates almost 5,000 ATMs across southern Africa, DrawCard is a deployer of Visa-certified card programmes, and EFTPOS provides merchant debit and credit card acceptance solutions.<\/p>\n

Paycorp has been a wholly-owned subsidiary of Transaction Capital since 2006. Kark, a co-founder of Transaction Capital said: \u201cBeing part of Transaction Capital and working closely with CEO Mark Lamberti<\/a> has enhanced Paycorp\u2019s strategic focus, leadership development and corporate governance. We\u2019re equally appreciative of Mark\u2019s recognition that Actis can unlock further value for Paycorp.\u201d<\/p>\n

\u201cOur core executive team has been integral to this transaction and remains unchanged. Actis\u2019s investment in Paycorp is a strategic development that will give us valuable alliances with other global payment players,”\u00a0Kark said.<\/p>\n

Actis invests exclusively in the emerging markets with a growing portfolio of investments in Asia, Africa and Latin America; it currently has US$5.2 billion funds under management.<\/p>\n

The firm says it is strongly committed to Africa with some US$1.5 billion currently invested in African businesses.<\/p>\n

The group’s investment in Paycorp will be its fifth in the payments industry in three years.<\/p>\n

The transaction is subject to certain conditions being fulfilled over the next few weeks and implementation is expected to be complete by the end of 2013.<\/p>\n

More on payment solutions<\/h3>\n

Absa closing social grants company AllPay?<\/strong><\/a><\/p>\n

ATM cash withdrawals decrease<\/strong><\/a><\/p>\n

Visa: debit cards over cash up 18%<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Private equity firm Actis, has announced the acquisition of South African independent payments group, Paycorp, in a deal worth R937 million.<\/p>\n","protected":false},"author":10,"featured_media":43784,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[6447,1554,26,6448,6450,6449],"class_list":["post-43782","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trending","tag-actis","tag-atm","tag-headline","tag-paycorp-holdings","tag-steven-kark","tag-transaction-capital"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/43782","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=43782"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/43782\/revisions"}],"predecessor-version":[{"id":43790,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/43782\/revisions\/43790"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/43784"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=43782"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=43782"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=43782"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}