Moscow, Russia — 12 October 2017.
TCS Group Holding PLC (TCSGH), Russia’s leading provider of online retail financial services via its Tinkoff.ru financial supermarket, is pleased to announce the purchase of a 55% controlling stake in CloudPayments, an innovative developer of online payment solutions. The signing ceremony took place today and we warmly welcome our new colleagues in CloudPayments into Tinkoff Group.
The remaining 45% stake will continue to be owned by CloudPayments’ founders and employees, who are firmly committed to the company and will remain to develop the business into the future. TCSGH has the right to acquire the remaining 45% within two years.
The core business of CloudPayments is online merchant acquiring in Russia. However, this transaction also includes all CloudPayments group companies, i.e. its operations in Kazakhstan and Latvia, as well as the online cash register solution for online stores, CloudKassir.
CloudPayments will continue to be led by its
Together with Tinkoff Group, CloudPayments will further develop its leading technology and servicing platforms whilst leveraging Tinkoff’s wider suite of services, technologies and resources to drive growth. The deal will enable Tinkoff Group to enhance its merchant acquiring business line as part of its growing SME offering.
Oleg Tinkov, the founder of Tinkoff Group, said: «We closely monitor the market and are always willing to invest in
Oliver Hughes, CEO of Tinkoff Bank, commented: «This acquisition is in line with our strategy to enhance our merchant acquiring services as part of our expanding SME platform and will allow us to increase our presence in the online merchant acquiring market. We are pleased to now be working together with the CloudPayments team and will provide all the necessary resources and technology to expand the business further for the combined benefit of our customers and partners.»
Dmitry Spiridonov,
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