Wirecard AG (Frankfurt Securities Exchange: TecDAX, ISIN DE0007472060, WDI), a Munich-Germany-based software and IT specialist for outsourcing and white label solutions for payment processing and issuing products, acquired Brazilian internet payment service provider Moip Pagamentos S.A., for €23.5m.
Further earnout payments totalling up to €13.5m are connected to the achievement of certain financial results by Moip in the 2016, 2017 and 2018 fiscal years. The sellers were majority shareholder Ideiasnet S.A., a venture capital fund that invests in Brazilian technology companies, as well as a number of founders and managers who will mantain their positions at Moip.
The acquisition will enable Wirecard to extend its payment platform to include alternative payment processes.
Founded eight years ago by Igor Senra, CEO, Moip Pagamentos has developed a payment platform for small and medium sized retailers focusing, in particular, on marketplaces and companies with direct sales. The solution features an automated on-boarding process for all retailers, payment guarantees and buyer protection functionalities.
The company has more than 150 employees in Sao Paulo.
Led by CEO Markus Braun, Wirecard provides outsourcing and white label solutions for electronic payment transactions including payment systems, risk management and banking to customers in the retail, service and banking sectors.