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Prepay solutions provider SmartPay has taken full ownership of multi media advertiser Retail Radio as part of a plan to boost its presence in the integrated merchant services sector.
Retail Radio is expected to increase the services offered by SmartPay and expand its customer base, chief executive Linc Burgess said in a statement to the stock exchange. He wouldn't tell nzherald.co.nz how much SmartPay paid for the company.
The acquisition follows SmartPay's purchase of telecommunications provider Merchant IP Services last month. The company is eyeing other buying opportunities, Mr Burgess said.
Acquisitions like Retail Radio "will give the company a distinct merchant offering and capability that can provide retailers the full spectrum of services as a single provider without hassle and expense of managing multiple carrier and service provider relationships."
Mr Burgess said Retail Radio is in talks with "a number" of potential Australian distributors.
SmartPay last month said acquisitions made in the six months ending September 30 widened the company's net loss for the period to $825,943 from $206,000 in 2006.
SmartPay shares 7.7 per cent to 3.6 cents at 4.25 pm local time today.
