PayPoint completes Verrus acquisition

9th Mar 2010 08:35

Payment services provider PayPoint has completed the acquisition of Verrus, a specialist in enabling drivers to pay their car parking charges by phone.The £25m acquisition, which was announced on Thursday 4 March, was hailed as a ‘key development in our strategy of broadening our payment services capability’ by David Newlands, the chairman of PayPoint.‘Strong demand for PayByPhone, interesting cross-over opportunities with our existing client base for a new payment channel and opportunities to extend the Verrus application to other services make Verrus a powerful addition to PayPoint's payment service offering,’ Newlands claimed. Verrus made a loss of £0.5m in 2009 and had gross assets at the end of last year of £1.9m. Its services are in operation or in trial in more than 100 towns and cities around the world.