Planet Payment, a leading international multi-currency payment and data processor, announced the acquisition of the credit card processing platform and related Bermuda assets of TransWorld Payment Solutions Ltd., Bermuda in exchange for Planet Payment common stock valued at approximately US$750,000.
The acquisition of the transaction platform will allow Planet Payment to develop and offer a broader range of services to its banking customers and enable Planet Payment to maintain direct control over critical points in the transaction process.
“The acquisition of the assets is strategically significant. Planet Payment will have the ability to submit transactions directly to the Visa(R) and MasterCard(R) networks, providing greater flexibility in developing solutions that fit the specific business needs of our international customers. We believe the acquisition will accelerate our continued rapid expansion outside of the United States, where outsourced processing solutions are not as readily available as in North America,” Philip Beck, Chief Executive Officer of Planet Payment said. Planet Payment has been working with TransWorld and its predecessors since 1998 and is currently TransWorld’s primary customer. Planet Payment utilizes the transaction platform and direct interfaces to Visa and MasterCard to route transactions to and from the card associations, in support of Planet Payment’s multi-currency processing services.
As a result of the acquisition, Planet Payment’s processing agreement with TransWorld will be terminated, thus saving the substantial processing fees otherwise payable by Planet Payment. Under the new agreement, Planet Payment will assume the running costs of the processing platform. TransWorld will continue to operate the assets during a transitional period, to allow Planet Payment to secure the necessary approvals and regulatory consents from third parties, including Visa and MasterCard.
About Planet Payment:
Planet Payment is the trade name for Planet Group, Inc. [LSE: AIM: PPTR and PPT for Reg S and unrestricted common shares respectively]. Further information on Planet Payment can be found at: http://www.planetpayment.com Planet Payment is a multi-currency payment and data processor, enabling processors, acquiring banks and their merchants to accept, process and reconcile credit card transactions in multiple currencies, allowing cardholders to view prices and settle transactions in their native currency. Planet Payment’s systems also enable it to provide enhanced data reporting and data management to merchants who are using multiple systems in different countries.
The Planet Payment business was established in 1999. Planet Payment is headquartered in New York and has offices in Atlanta, the United Kingdom, Singapore and Hong Kong.