Cadmus signs deal with Singapore firm

Electronic payment solutions company Cadmus has signed a strategic alliance with Singapore's STEE-InfoComm.

The pair were already linked through CET, which owns a 9.9 per cent stake in Cadmus.

CET is a subsidiary of Singapore Technologies Electronics, which also owns STEE-InfoComm.

Cadmus and STEE-Infocomm have agreed to work together to boost their respective share of eftpos and pos (point of sale) in the wider Asian market, mainly via marketing initiatives.

Cadmus managing director Ian Bailey said the deal provided a platform for growth, as STEE-InfoComm had committed "significant marketing resources" to drive sales of Cadmus' products in Asia.

The companies will also establish regional repair facilities under the agreement.

Pat McCammon, director international sales and marketing for Cadmus, said Singapore was the ideal commercial gateway to the burgeoning Asian market.

Cadmus already provides electronic payment solutions to Singapore's largest taxi firm, and last year agreed to supply 1000 vending pinpads to NETS, which is the city-state's most widely used electronic payment service.

Shares in Cadmus last traded yesterday at 21c, having ranged between 19c and 37c during the past 12 months.

- NZPA