The due diligence process is completed, and the sale and purchase agreement is unconditional. It is expected that the acquisition will be completed by the end of September.
The purchase includes Face, a web development company; and server hosting company, Netspace Services.
“It’s no secret that we want to make trading on Trade Me faster and easier. We think the mix of Paystation’s payments nous and Trade Me’s trusted community of buyers and seller holds a lot of opportunity,” Jon Macdonald, Trade Me CEO, said.
The purchase price remains confidential, with the purchase also cash funded.
Wellington-based Paystation has 17 staff and more than 2500 customers.
Gerard Creamer established the company in 2002 from his home in Palmerston North.