Story image

Trade Me ramps up payment process with Wellington-based startup acquisition

15 Sep 2014

Trade Me has agreed to buy Paystation, a Wellington-based online credit card processing and payments gateway.

A due diligence process has been completed and the sale and purchase agreement is unconditional, with the acquisition expected to be completed by the end of September.

Founded by Gerard Creamer in 2002, Paystation was initially run from an old army barracks in the backyard of his Palmerston North house - it's now based in Wellington and has 17 staff and more than 2,500 customers.

Trade Me CEO Jon Macdonald says that Paystation’s expertise would complement Trade Me’s core business.

“It’s no secret that we want to make trading on Trade Me faster and easier," he says.

"We think the mix of Paystation’s payments nous and Trade Me’s trusted community of buyers and seller holds a lot of opportunity.”

The acquisition also includes two other related companies: Face (web development) and Netspace Services (server hosting). The purchase price is confidential but not material. The transaction is cash funded.

Protecting data centres from fire – your options
Chubb's Pierre Thorne discusses the countless potential implications of a data centre outage, and how to avoid them.
Opinion: How SD-WAN changes the game for 5G networks
5G/SD-WAN mobile edge computing and network slicing will enable and drive innovative NFV services, according to Kelly Ahuja, CEO, Versa Networks
TYAN unveils new inference-optimised GPU platforms with NVIDIA T4 accelerators
“TYAN servers with NVIDIA T4 GPUs are designed to excel at all accelerated workloads, including machine learning, deep learning, and virtual desktops.”
AMD delivers data center grunt for Google's new game streaming platform
'By combining our gaming DNA and data center technology leadership with a long-standing commitment to open platforms, AMD provides unique technologies and expertise to enable world-class cloud gaming experiences."
Inspur announces AI edge computing server with NVIDIA GPUs
“The dynamic nature and rapid expansion of AI workloads require an adaptive and optimised set of hardware, software and services for developers to utilise as they build their own solutions."
Norwegian aluminium manufacturer hit hard by LockerGoga ransomware attack
“IT systems in most business areas are impacted and Hydro is switching to manual operations as far as possible.”
HPE launches 'right mix' hybrid cloud assessment tool
HPE has launched an ‘industry-first assessment software’ to help businesses work out the right mix of hybrid cloud for their needs.
ADLINK and Charles announce multi-access pole-mounted edge AI solution
The new solution is a compact low profile pole or wall mountable unit based on an integration of ADLINK’s latest AI Edge Server MECS-7210 and Charles’ SC102 Micro Edge Enclosure.