Network International, based in Dubai, has paid $291.3 million for DPO Group, a technology-enabled payments enabler based in Africa. For in-depth details of Network International Completes Acquisition of DPO for $291.3m read on.
Network International will benefit from increased payment services coverage thanks to DPO’s merchant network of over 60,000 SMEs and global corporations in 21 African nations. DPO will benefit from Network’s expertise in face-to-face payments and greater transaction authorisation rates, while Network will benefit from Network’s skills in online payment solutions.
It gives me great pleasure to welcome DPO to the Network family. The acquisition of DPO creates a unique combination of innovative online payment technologies, which will accelerate our growth while providing significant new capabilities for our established markets, including our customers and partners in the United Arab Emirates,” said Nandan Mer, CEO of Network International.
He stated, “We look forward to welcoming DPO’s colleagues into our organization and working together to accelerate digital payments throughout the MEA region.”
Network International completes acquisition of DPO – benefits
Customers of Network in the UAE will benefit from the deal by having access to DPO’s whole range of payment acceptance methods as well as its suite of value-added services, allowing merchants to expand their reach in new ways.
In the UAE, Network will debut ‘DPO Pay,’ a cost-effective end-to-end online payment solution for SMEs that will feature value-added services including the option to set up an online store and host a secure, trusted payment page that is mobile optimized, allowing payment via any device.
This comes after Network unveiled its new strategic vision, stating its goal of being the Middle East and Africa’s fastest-growing and most creative customer-centric payments provider.
The new strategic vision is enabled by a business model transformation, both operationally and culturally, and will ensure that Network International can help businesses and economies prosper by simplifying commerce and payments through faster digital onboarding, technological advancements to lower the cost of acceptance, expanding the range of value-added services, and becoming the e-commerce champion in the industry.
Network’s strategy is expected to generate rapid growth, with medium-term revenue forecasts now exceeding 20% per year, well ahead of prior expectations of the low-mid teens.
We’re thrilled to be presenting our new strategic vision today, which will help Network International expand in all of its territories, added Mer.
“Our business is evolving, and our new strategy will enable us to provide customers with the most straightforward solutions for initiating and processing payments using some of the most cutting-edge goods and services,” he added.
Network International announced its first-half results in August, showing sales of $156.4 million, up 16.5 percent over the same period the previous year.
Other highlights included an 18.5 percent growth in total processed volume (TPV) to $19 billion in the first half of 2020, as well as a 45 percent increase in June retail expenditure and a massive 211 percent increase in travel and leisure spending. On the topic “Network International Completes Acquisition” we can say it’s an excellent deal for both entities.