PRESS RELEASE
PAY.ON Completes Management Buy-Out
Munich, January 8, 2008
PAY.ON is delighted to announce a successful management buy-out after which the founding managers hold the majority stake in PAY.ON.
The current management team with its CEO, Mr. Robert Kuzelj, has completed an MBO from Holdall International Limited to Barikuta Partners GmbH with effect end of 2007. Holdall sold shares to the managers to reflect its satisfaction with the company’s development and to motivate the management team to continue with its successful strategy.
Mr. Robert Kuzelj, CEO of PAY.ON, commented: “We are tremendously excited about this management buy-out. We have enjoyed years of amazing growth with PAY.ON and became profitable in 2007. So we are really looking forward to continue success as an independent company. Our recently introduced products and ongoing development projects will further expand our client capabilities and provide PAY.ON with an even stronger base for the future.”
The parties were advised by Florian Aigner, founding partner of law firm AFR Aigner Fischer Radlmayr, Munich.
About PAY.ON GmbH
PAY.ON is the leading processor for payment service providers in global trade. PAY.ON provides back-end service to run payment businesses more innovative and efficient. Leading payment service providers from all regions rely on PAY.ON to grow faster than the market.
Backed by venture capital PAY.ON realized since foundation an annual compound revenue growth rate of more than 100%.
About Barikuta Partners GmbH
Barikuta Partners GmbH, Germany, is the investment company of PAY.ON founders Christian Bamberger, Markus Rinderer, Robert Kuzelj and Nikolaus von Taysen.
About Holdall International Limited
Holdall International Limited, Seychelles, is a private equity fund acting for an international family office.
If you require any further information, please contact our Press Officer on +49 89 45230-204 or email on press@payon.com.
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