Online payment service and solutions provider iPay88 Sdn Bhd, has just been acquired by Japanese system integration company NTT Data Corporation.
As a subsidiary of NTT Data, iPay88 will now be expanding its online payment solutions to countries like Singapore, Thailand and Vietnam in addition to its presence here, the Philippines and Indonesia.
With the acquisition, which was signed on Sept 4, NTT Data now owns over 50% share in iPay88.
According to Chan Kok Long, executive director and co-founder of iPay88, the company has seen double-digit growth rates year-on-year and expects the trend to continue over the next three years.
NTT Data has been strategically acquiring businesses in Australia, Italy, London and other countries since 2009, in an effort to expand its global footprint, with iPay88 being part of the company’s effort to expand its business in the Asia Pacific region.
As an online payment gateway service, iPay88 has over 60% market share, with customers that include Digi and TGV Cinemas, amongst others.
Chan adds that there will be no significant change in the overall corporate strategy and market direction even after the acquisition.
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