4 Sep 2009

SmartPay obtains loan for purchase

7:43 am on 4 September 2009

SmartPay has secured a loan that enables it to buy the payments division of ProvencoCadmus, which is in receivership.

The electronic payments processing company says it's paying $3 million in cash and the remainder in equity and debt, combined with internal cash flow generation.

The company plans to obtain more traditional bank funding for the business and has started discussing this with a number of banks.