Johannesburg, 05 May 2010
Accounting payroll company Softline has bought Netcash for R95.6 million, in a move that will allow it to offer payment solutions as part of its software.
Softline, a subsidiary of UK-based Sage Group, expects the deal to add value to its current customers, as well as expand its customer base.
Softline FD Rob Wilkie explains that Netcash provides secure, online transaction processing facilities to small companies, which allows them to receive payments, as well as run debit orders.
The functionality works from a Web-based browser and will be integrated into Softline's current software offerings. It will also be available around the clock to Softline customers. “Everything is about convenience,” says Wilkie.
Softline will be the only company to offer this service to small companies, Wilkie claims. He adds that it will aid them in trimming bank costs, as Softline will be in a position to negotiate better rates from financial institutions, due to the volume of transactions.
Netcash was established in 2002 and already provides transaction processing services to its base of 6 000 customers in three primary areas: electronic funds transfer payments, debit order collections and credit card transaction processing.
Softline CEO Ivan Epstein says: “The Netcash acquisition gives Softline the capability to integrate a secure payment system with our accounting and payroll software: Pastel Accounting, Pastel Payroll, VIP Payroll and Accpac.”
Wilkie explains that the small and medium market is Softline's focus area. It has 750 000 clients in the small and medium segment of the economy.
Softline's brands include Softline Accpac, Softline Pastel (Accounting and Payroll) and Softline VIP.
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