Dow Jones received a payment from EQS/DGAP to publish this press release.
TCS Group Holding PLC (TCS)
TCS Group Holding PLC: TCS Group Holding PLC acquires a majority stake in
CloudPayments
12-Oct-2017 / 19:06 CET/CEST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
TCS Group Holding PLC acquires a majority stake in CloudPayments
Moscow, Russia - 12 October 2017. TCS Group Holding PLC (TCSGH), Russia's
leading provider of online retail financial services via its Tinkoff.ru
financial supermarket, is pleased to announce the purchase of a 55%
controlling stake in CloudPayments, an innovative developer of online
payment solutions. The signing ceremony took place today and we warmly
welcome our new colleagues in CloudPayments into Tinkoff Group.
The remaining 45% stake will continue to be owned by CloudPayments' founders
and employees, who are firmly committed to the company and will remain to
develop the business into the future. TCSGH has the right to acquire the
remaining 45% within two years.
The core business of CloudPayments is online merchant acquiring in Russia.
However, this transaction also includes all CloudPayments group companies,
i.e. its operations in Kazakhstan and Latvia, as well as the online cash
register solution for online stores, CloudKassir.
CloudPayments will continue to be led by its co-founders, Dmitry Spiridonov
and Konstantin Yan, with all employees remaining with the business. Selected
Tinkoff Bank managers will join CloudPayments' executive board in order to
strengthen its team. It is not envisaged that this transaction will entail
any changes for CloudPayments' existing customers or partners.
Together with Tinkoff Group, CloudPayments will further develop its leading
technology and servicing platforms whilst leveraging Tinkoff's wider suite
of services, technologies and resources to drive growth. The deal will
enable Tinkoff Group to enhance its merchant acquiring business line as part
of its growing SME offering.
Oleg Tinkov, the founder of Tinkoff Group, said: "We closely monitor the
market and are always willing to invest in up-and-coming businesses. We are
pleased to acquire this controlling stake in one of the leading players in
the Russian online payments market. CloudPayments is developing at a fast
pace, and they have managed to secure a market niche in just three years. We
are now joining efforts and resources with one of the most talented teams in
the market. This will enable us to further increase our market share in the
online payments segment whilst significantly improving our services for SME
customers."
Oliver Hughes, CEO of Tinkoff Bank, commented: "This acquisition is in line
with our strategy to enhance our merchant acquiring services as part of our
expanding SME platform and will allow us to increase our presence in the
online merchant acquiring market. We are pleased to now be working together
with the CloudPayments team and will provide all the necessary resources and
technology to expand the business further for the combined benefit of our
customers and partners."
Dmitry Spiridonov, co-founder of CloudPayments, said: "We are delighted to
become part of Tinkoff Group, the market's most tech-savvy player. I believe
that the upgrade of payment services and the implementation of innovative
technologies that support business diversification are the key technological
and market trends now. Together with Tinkoff Bank, we will be able to
accelerate our infrastructure upgrade process and, consequently, boost our
flexibility in leveraging the variety of global payment technologies
emerging today."
For enquiries:
Tinkoff Bank
Darya Ermolina
Head of PR
+ 7 495 648-10-00 (ext. 2009)
d.ermolina@tinkoff.ru
Rufiya Arslanova
PR Manager
+ 7 495 648-10-00 (ext. 2811)
r.arslanova@tinkoff.ru
FTI Consulting London
Elena Kalinskaya/Leonid
Fink
+44 (0) 020 3727 1000
About the Group
TCS Group Holding PLC is an innovative provider of online retail financial
services operating in Russia through a high-tech branchless platform. TCS
Group includes Tinkoff Bank, mobile virtual operator network Tinkoff Mobile,
Tinkoff Insurance, and Tinkoff Software DC, a network of development hubs
across Russia.
The Group was founded in 2006 by the Russian entrepreneur Oleg Tinkov and
has been listed on the London Stock Exchange since October 2013.
With no retail branches, the Group serves its customers remotely via online
channels and its call centre, and operates a network of over 1,800
representatives to ensure smooth delivery of its products. The network
covers all of Russia and allows next day delivery to most customers.
The Group's key business is Tinkoff Bank, Russia's first and only direct
bank offering both own brand and partner retail financial services via its
Tinkoff.ru platform. The product range includes daily banking (credit and
debit cards, payments, money transfers), savings, investments, loyalty
programmes, travel services, SME services, mortgage platform, and insurance.
With its special focus on mobile business, the bank offers mobile
applications both for its customer base (Mobile Bank) and beyond it (Traffic
Fines, MoneyTalk, Card 2 Card instant money transfers).
As at 1 August 2017, the bank was the second largest player in the Russian
credit card market, with a market share of 11.5%. The 1H 2017 IFRS net
income of TCS Group Holding PLC amounted to RUB 7.6 bn, ROE stood at 46%.
Banki.ru, Russia's largest financial news portal, named Tinkoff Bank the
Bank of the Year 2016. In October 2016 Tinkoff Bank was named the largest
independent global direct bank by Frost & Sullivan. In 2015 and 2016, the
Global Finance magazine named Tinkoff Bank as the Best Consumer Digital Bank
in Russia. In 2016, the bank also won Global Finance's Best Integrated
Consumer Bank Site award and was named the Best Digital Bank in the CEE by
Euromoney. The bank's mobile application was recognised as the best in
Russia by Markswebb Rank & Report for three consecutive years in 2014, 2015
and 2016, and by Deloitte for four consecutive years from 2013 to 2016.
ISIN: US87238U2033
Category Code: MSCM
TIDM: TCS
LEI Code: 549300XQRN9MR54V1W18
Sequence No.: 4735
End of Announcement EQS News Service
618657 12-Oct-2017
(END) Dow Jones Newswires
October 12, 2017 13:06 ET (17:06 GMT)
