London, 9 May 2017 ---- AltaPay's main shareholder, Valitor, a global leader in Fintech banking services provision has announced the acquisition of IPS ltd, a UK based leading secure payment solutions provider with immediate effect.
Earlier this year, AltaPay and IPS announced a strategic partnership to deliver a fully unified payment solution across online, in-store and mobile channels in multiple countries. Now, the partnership has result in an acquisition, where IPS will be merged under the AltaPay brand.
The acquisition will see the consolidation of IPS's powerful technology into AltaPay's own e-commerce solution, one of Europe's most innovative online, mobile and point of sale payment companies.
As a result of this acquisition, Valitor and AltaPay's customer base will now benefit from one global payment provider to streamline all online, mobile and in-store payments and provide a complete omni-channel payment solution.
This omni-channel solution gives customers a full overview of all transactions and allows them to implement the same type of terminals across outlets in all countries with fully automated financial reconciliation. Crucially the solution helps merchants dramatically reduce both the cost and scope of achieving PCI DSS Compliance.
Commenting on the deal Valitor CEO, Vidar Thorkelsson said, "The acquisition of IPS allows us to offer the market a solution that is completely unique. As a business, you get an overall overview of all your transactions in one place and you can implement the same payment terminal in all stores across borders. And especially for AltaPay, we cover 18 countries in Europe with our large network of bank deposits."
AltaPay experienced a jump in the number of transactions it processed last year, with transaction volume increased by 50% on-year in 2016. With the acquisition the company is expecting an even stronger 2017.
"Our product and business model is optimized with the acquisition of IPS. The mission will main to investing heavily in skilled employees, delivering a fast, safe and unique omni-channel payment solution for merchants. We are already expanding our office in Soeborg, preparing for further expansion", said Christian Rasmussen, CEO of AltaPay.
Some of the customers who joined AltaPay in 2016 are companies like: Kate Spade, Laura Ashley, WhiteAway / Skousen and BoConcept.
The terms of the acquisition have not been released.
Executive interviews and imagery are available on request.
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