Electronic payments business Point has made a British purchase with a deal for TS3 Services.

Electronic payments business Point has made a British purchase with a deal for TS3 Services.

Scotland-based TS3 provides secure transaction products for electronic payments to retail and mobile traders.

According to a statement the acquisition will provide TS3 with the backing to build its current development and investment abilities while Point will strengthen its market share in the UK by combining the newly acquired company with existing venture Commidea.

Chief executive officer of Point, Johan Tjarnberg, believes that TS3 has a ‘strong reputation’ and operational team that brings additional benefits to Point.

Sweden-based Point says that it facilitates 10 million secure card transactions a day from 500,000 payment terminals. The company has its Commidea offices in Kent.

TS3’s managing director, Bill Tennant, says that the deal will allow TS3 to grow quicker and stronger than it would have been able to without the introduction of Point. Financial details of the transaction were undisclosed.

Under the terms of the deal TS3 will report to Simon Wilding, Point International’s newly appointed senior vice president and head of UK and Ireland.

Wilding comments: ‘Both TS3 and Commidea have outstanding reputations for innovation and service delivery and harnessing their combined capabilities will allow us to further consolidate our market position.’