Electronic payment systems provider Net 1 UEPS Technologies has agreed to buy the operating business of FIHRST Management Services for approximately USD 9 million.
The acquisition is set to provide Net1 with the opportunity to market its transaction processing products and financial services, promote its wage payment initiative by offering the employees of FIHRST customers its banking services, enhance Net1's technology platforms and IT development resources as well as increase the Net1 management team with the addition of executives.
The transaction is expected to close in April 2010 once all regulatory approvals have been obtained.
Established in 1998 with the development of FIHRST Connect, FIHRST is a South African private company that offers third party payroll payment services.