Asia Payment Systems has concluded a binding agreement to acquire all of the shares of its strategic partner InterPay International Group.
<p>The development follows completion of a due diligence process after an outline agreement was reached in February 2006. <br /><br />The expanded and strengthened organization that will result from the acquisition will enable Asia Payments to accelerate key business initiatives in Asia as a whole, and to better pursue its objectives in China's rapidly expanding financial payments market, the company said in a statement.<br /><br />In particular, the InterPay acquisition will permit Asia Payments to more aggressively develop payment services and card programs with its strategic partner, Global Uplink in Guangzhou, China. Similarly, there will be the introduction of new payment services already planned by InterPay for Southeast Asia.<br /><br />The InterPay acquisition will help Asia Payments to develop into a major player in the payment and loyalty cards industry across the Asian region. We expect the InterPay acquisition to lead to increased revenues and an improved bottom line for Asia Payments, commented Robert Clarke, chairman of the acquiring firm.</p>