Polskie ePłatności has taken over PayUp and will exclusively handle the cashless payments of Eurocash
On 19 December 2018, in Warsaw, Polskie ePłatności (PeP) finalised the transaction of purchasing 100 percent of the shares in PayUp S.A. belonging to EuroCash S.A. and signed the final agreement regarding the takeover of this company. Thanks to the merger, PeP has gained a formidable business partner - Eurocash Group.
Source: Polskie ePłatności (PeP) https://www.pep.pl/
On 19 December 2018, in Warsaw, Polskie ePłatności (PeP) finalised the transaction of purchasing 100 percent of the shares in PayUp S.A. belonging to EuroCash S.A. and signed the final agreement regarding the takeover of this company. Thanks to the merger, PeP has gained a formidable business partner – Eurocash Group.
The agreement between PeP and PayUp S.A. constitutes a significant step in the consistently implemented market consolidation strategy of Polskie ePłatności, as well as the strengthening of the position of PeP as the fastest growing entity in the cashless payment sector in Poland. From the moment of the takeover of PeP by the Innova Capital Fund, the company completed three acquisitions, i.e. the takeover of the terminal part of the business of Kolporter – NeoTU, the acquisition of the online payment integrator PayLane, as well as the current acquisition of 100 percent of the shares of PayUp S.A. The agreement with PayUp S.A. constitutes further confirmation of the achievement of the goal that has been set out; a confirmation that translates into actual growth: it increases the number of terminals by 15.5 thousand and as such, brings PeP to a strong 3rd place market position.
“We strive to become the leading service provider on the Polish cashless payments market. The acquisition of PayUp S.A. increases the company’s potential and allows for the successful completion of 2018, which has been a very important year in our development. Thanks to the takeover of the shares of PayUp S.A., we will significantly enrich our client portfolio with such chains as Groszek, Lewiatan, Delikatesy Centrum, and Eurocash Cash and Carry”. – says Jarosław Mikos, the President of the Management Board of Polskie ePłatności.
PayUp is a Polish company that was established in 2007. It has more than 15.5 thousand terminals installed in chains that were organised by Eurocash Group as well as in other retail stores, through which it provides prepaid services, including telephone top-ups, payment card acceptance, and online payments. The transaction allows PeP to exclusively handle the cashless payments in the Eurocash Group network.
“We are looking around on the market for companies that could significantly help to expand the offer of PeP and penetrate the market with our services. The inclusion of the sales structures of PayUp in PeP provides further abilities to better serve clients, and also provides the opportunity to enter new markets with our omnichannel offer. Both PeP and PayUp have a lot to offer on the market – now, the power of synergy will bring even better benefits and results. We face many challenges, however, having experience from previous consolidations, we will take advantage of our opportunities and new competitive advantages.” – comments Marcin Drozdowski, the Vice-President of the Management Board responsible for strategy and M&A.
As a result of the signed agreement, the management board of Polskie ePłatności will be joined by Piotr Kokoszczyński, who is currently the Managing Director of PayUp S.A.
The addition of PayUp S.A. to the Polskie ePłatności group and the process of combining the companies means that PayUp Clients will obtain new functions including, among others, a modern Customer Zone with advanced reports and analytical tools as well as the ability to manage products from the level of a logged in panel or a 24/7 technical and accounting service centre.