Three Portuguese institutions have invested 3 million euro (about R30 million) in PayShop Portugal, which uses Prism EasyPay technology and in which the JSE-listed company has a significant stake.
Private equity bank, Banco Efisa - the investment arm of Group Banco Portugu^es de Neg'ocios; PME Capital - a venture capital firm operating within the Portuguese market; and Frie PME Capital - an investment fund managed by PME Capital, acquired a 20%, 10% and 10% share in PayShop Portugal respectively.
The acquisition totals 1.5 million euro. In addition, the three investors have agreed to commit the equivalent sum in the form of a shareholders loan, repayable after two years.
Prism has a 19.1% shareholding in PayShop Limited, the UK-based principal of PayShop Portugal. In addition, Prism retains an option to convert its loan stock in the company, which would increase its stake to in excess of 60%.
Prism says PayShop Portugal is currently the only private household bill presentment and collection service operating in the Portuguese market and was founded at the end of 2000.
Prism group marketing director, Steven Sidley, says the fact that Banco Efisa and PME Capital conducted stringent due diligence of PayShop, EasyPay and Prism before committing to the investment, endorses Prism`s faith in PayShop`s business model and technology.
Sidley says it also augurs well for the expansion of PayShop into other regions.
Rob Farbrother, chairman of PayShop Limited, says: "The operational success in Portugal, further underpinned by the confidence shown by Banco Efisa and PME Capital, will demonstrate to other international markets the value of the PayShop brand and its attractive service offering."
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