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eNett snapped up by private consortium
UK based private equity consortium, PSP International Plc, today announced its take-over of Australia’s fastest growing payment and settlements company eNett International – confirming its reputation as a company on the move.
Reported to be in the tens of millions of dollars, the acquisition has already produced results with confirmation that eNett is to enter several significant business agreements with global travel organisations over the next 6 months.
Established in 2003, Australian based eNett delivers adaptable financial solutions for the travel and tourism industry. eNett already boasts a “who’s who” of travel as clients and processes hundreds of millions of dollars of transactions annually thanks to its cutting edge web based technology.
PSP and eNett Chief Executive Philip King said the acquisition will enable a more sizeable roll-out of eNett’s financial solutions.
“In conjunction with some of the world’s leading travel operators, we plan to replace expensive outdated processes and technology, changing the way the international travel industry does business,” Mr King added”.
He also said, “The takeover by PSP will facilitate the management of our growth and allow us to deliver solutions on a much larger and diverse scale”
The takeover bid was assisted by deal maker Brad Kruse, formerly at travel giant Cendant.
“I have spent several years exploring in detail the availability of payments systems to deploy in travel and tourism. My research convinced me eNett has the best technology available,” commented Mr Kruse.
Mr. Kruse also added: “The investment made on the acquisition of eNett will serve as the foundation to launch a revolutionary settlements platform across the broad travel and tourism vertical. I am confident this will be the next big thing to hit the travel industry by addressing the need to lower distribution costs.”
Mr. Kruse has confirmed he will act as commercial advisor to eNett and the PSP Board.
It is expected that the eNett brand will be expanded in the coming months with additional products to compliment its payments processing identity.
Graham Muldoon
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