Swedish mobile payment specialist Seamless has announced it has bought Ingram Micro Mobility’s non-core mobile prepaid airtime line of business in Sweden and Denmark. The acquisition is expected to close in early 2015, but with conditions.
Seamless says that the acquisition is a strategic step forward as it extends the company’s geographical coverage by adding a Danish market to it and will create a good match for its existing eProduct distribution. Seamless expects the acquisition will help drive its growth with the expected revenue of Ingram Micro’s acquired business in Sweden and Denmark to reach SEK0.5bn for 2014.
The acquisition remains a subject to certain conditions. This means the final revenue base will not be known until the final date of consideration (June, 2015) so the total price of acquisition cannot be estimated as of today.
However a first down payment of SEK4m in cash has been made, the company says.
“Seamless is a leading global technology provider for distribution of prepaid top up since more than a decade and its mobile payment solution SEQR is the most used in stores and online. With its line of business acquisition, we increase our distribution business in Sweden, enter the Danish market and further strengthen our service offering to retailers. We will also significantly increase our revenue within the Seamless business area distribution,” says Seamless CEO, Peter Fredell.
“Seamless is perfectly positioned to execute on this business and we will work closely with their team to assist with the successful transition of customers. The evolution of mobile prepaid airtime in Sweden and Denmark has moved this business outside our core offering and we are pleased that Seamless will continue this business. Despite moving out of this specific line of business, we remain focused on providing our core value added mobility solutions to our mobile network operator and vendor partners,” says Ulrich Egeskov, Vice President of Distribution, Sales and Marketing Nordics, Ingram Micro Mobility.
Seamless is a specialist in prepaid top-up systems and mobile payment services for mobile operators, distributors, retailers and consumers.