DPO Group (DPO), a payment service provider (PSP), has finalized its acquisition by Network International, an enabler of digital commerce across the Middle East and Africa market.
In a significant deal for the African payments space, Network International has acquired 100% of DPO Group, which will continue to operate under the same brand in existing territories. DPO companies PayGate, PayFast and SiD Secure EFT will continue to operate in South Africa as normal.
By acquiring DPO which operates in 21 countries on the continent, Network International will increase its presence throughout Africa and new territories, one of the fastest growing payments markets in the world.
DPO will soon launch a new, comprehensive payment solution, DPO Pay, for businesses in some of Network International’s territories and across Africa.
Commenting on the final acquisition, Eran Feinstein, CEO of DPO Group said, “This deal is a milestone for DPO and good news for the 60,000-plus active merchants using our platform. As part of the Network International group, we can support the business growth of our existing partners, and of new merchants across Africa and the Middle East. Being part of a globally recognized business will help us drive the global payments agenda, delivering cutting edge solutions to businesses and merchants across these markets.”
On his part, Nandan Mer, CEO of Network International commented, “I am delighted to welcome DPO to the Network family. DPO is a strong strategic fit with our business and the acquisition creates a unique combination of innovative online payments technologies, which will accelerate our growth whilst providing significant new capabilities for our established markets, including our customers and partners in the UAE.”
The acquisition of DPO Group will support Network International’s capabilities in Africa across online, mobile and alternative payments. The company is expected to begin operations in new markets both in Africa and beyond in the near future. DPO’s comprehensive, flexible and secure platform allows businesses and merchants to receive international payments in the currency of their choice, accepting debit and credit cards alongside mobile money and other payment methods.
The acquisition will see DPO Group’s shareholders and executives become key stakeholders in Network International while DPO Group will retain its executive team and employees.