MUNICH (dpa-AFX) - Wirecard AG (WRCDF.PK) said that it acquired all shares of MyGate Communications (Pty) based in Cape Town, South Africa.
MyGate is a payment service provider (PSP) in Africa. The company operates one of Africa's largest and fastest growing online payment gateways and was recently voted the best online payment gateway in Africa in 2016.
MyGate's enables merchants across Africa to accept a wide range of different e-commerce payment options, in particular online card payments, thereby helping them to serve millions of African consumers. MyGate is linked to the leading acquiring banks in Africa. The company currently employs 21 employees.
The parties agreed upon a purchase price of 23.1 million euros, consisting of an upfront payment of 18.2 million euros and earn out payments of up to 4.9 million euros.
MyGate is expected to generate an EBITDA of 2.0 million euros for the complete calendar year 2017.
Copyright RTT News/dpa-AFX