West International AB
30.08.2016 08:01
Dissemination of a Adhoc News, transmitted by DGAP - a service of EQS Group
AG.
The issuer is solely responsible for the content of this announcement.
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West International and Stargroup Ltd (ASX:STL) have signed a five year
agreement for the delivery of a card payment solution for the Australian and
New Zealand markets. The deal marks a significant increase in West's
international presence.
Australia represents an advanced and vital payment market. The installed base
is close to one million card payment (EFTPOS) terminals, with an annual market
amounting to 60,000 new and 200,000 replacement terminals. Australia was one of
the first countries in the world with contactless payments. Contactless cards
have reached a penetration of 66 per cent, including support for digital
wallets such as Apple Pay and Android Pay.
Stargroup is a leading independent service operator of ATMs and EFTPOS
terminals in the merchant market in Australia. The company is the only ASX
listed ATM operator deploying ATMs in Australia and more importantly is the
only ATM operator that has a direct ownership interest in its manufacturer,
namely NeoICP, a South Korean private company.
Stargroup's objective is to become the largest ISO in the payment technology
industry in Australia. Not only does this involve controlling the cash in and
cash out cycle via its ATMs, but to also be a dominant player in the EFTPOS
terminal and services markets. The current dominant ISO player has circa 15,000
EFTPOS terminals.
'We are very excited about partnering with West for the next generation of
payment solutions. Their technology, and more importantly being in control of
the source code within the terminals, will definitely give Stargroup the edge
in a number of merchant sectors across Australia and New Zealand', says Todd
Zani, Executive Chairman and Chief Executive Officer of Stargroup Limited.
'I am very proud to start this partnership with Stargroup, Australia's leading
supplier of payment infrastructure. It is a perfect pairing of two companies
sharing the same vision for the future of payments. The deal will have
significant impact on West's continued international expansion and growth',
says Sten Karlsson, CEO of West International.
The companies have signed a five year agreement. At signing, West has received
a first pilot order with a value of approx. USD 500 000. Stargroup has
committed to acquire at least 2,000 EFTPOS terminals annually. Required
certifications are expected to be completed in late 2016 and in early 2017 the
deliveries will commence.
For additional information, please contact:
Sten Karlsson, CEO of West International AB
Cell phone: +46 70 555 6065
E-mail: sten.karlsson@westint.se
West's Certified Adviser is Consensus, +46 31 745 5000.
This information is information that West International AB is obliged to make
public pursuant to the EU Market Abuse Regulation. The information was
submitted for publication, through the agency of the contact person set out
above, at 07:50 CET on August 30 2016.
Click on, or paste the following link into your web browser, to view
the associated documents
https://cns.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=584
064
News Source: NASDAQ OMX
30.08.2016 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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Language: English
Company: West International AB
Sweden
Phone:
Fax:
E-mail:
Internet:
ISIN: SE0002169292
WKN:
End of Announcement DGAP News-Service
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DGAP-Adhoc: WEST: 5 year contract with Stargroup to distribute next generation payment solutions in Australia and New Zealand
| Source: EQS Group AG