12 MAY, 2017
Bambora strengthens its position in e-commerce and digital payments through the acquisition of Devcode Payment. The integration of Devcode Payment means that Bambora can now provide global companies with a secure, flexible and innovative platform for payments worldwide with more than 250 local payment methods. The acquisition is an important cornerstone for international e-commerce.
DevCode Payment, previously part of DevCode Group, was founded in 2014 and offers a flexible payment platform that helps multinational companies manage, analyze and optimize their payments in real time.
“The team at Devcode has built a leading platform and the acquisition gives us the opportunity to offer our customers a flexible solution for managing and analyzing payments in an easy way. Together, we create a leader in cross-border and omni-channel payments”, says Patrik Göthlin, Business Manager for Bambora Online.
DevCode Payment consists of three different solutions that can be offered separately or together, including PaymentIQ, AccountIQ and VaultIQ. PaymentIQ handles transactions worth around 385 million Canadian dollars a month and supports over 250 payment methods for credit cards, e-wallets and direct payments. AccountIQ is a reconciliation tool in which payment flows are matched and synced automatically. VaultIQ is a security tool that guarantees the highest level of security based on regulatory requirements.
“We have received offers for acquisitions in recent years, but never something that has felt right, either at the cultural or commercial level. With Bambora it was different; we noticed it immediately. Our respective solutions complement each other perfectly and together we can create real added value for customers who handle large transaction volumes in an international market. The Bambora team is incredibly simple, quick and fun to work with, something we think is equally important in order to build long-term success”, said Pedro Hansson, CEO of DevCode Group.
The acquisition does not affect DevCode Group's other business areas, which are DevCode BPM AB, DevCode Consulting AB, Chambersign Sverige AB, and the associated company Luminary. The rights of the DevCode trademark will continue to be held by DevCode Group.
Bambora helps businesses grow. With a suite of simple payment products, it’s easy to keep track of daily transactions both online, in-store, or in-app. Founded in 2015, Bambora is a collection of companies with decades of experience in the payments industry. Now a global presence, with over 700 employees in 65 markets, Bambora processes 47.5 billion USD per year. For more information, please visit www.bambora.com
About DevCode Group
DevCode Group was founded in 2007 and consists of DevCode BPM AB, DevCode Consulting AB, Chambersign Sverige AB and the associated company Luminary. The total number of employees is 60, with a total turnover of approximately 120 million Swiss Francs annually.