• CERTIFICATE
    • Eminent VARs of India
    • Best OEM 2023
  • SYNDICATION
    • AMD
    • DELL TECHNOLOGIES
    • HITACHI
    • LOGMEIN
    • MICROSOFT
    • RIVERBED
    • STORAGECRAFT
    • THALES
  • EVENTS
  • GO DIGITAL
  • INFOGRAPHICS
  • PRESS
    • Press Release PR News Wire
    • Press Release Business Wire
    • GlobeNewsWire
  • SPECIAL
    • WHITE PAPER
    • TECHNOMANIA
    • SME
    • SMART CITY
    • SERVICES
    • EDITOR SPEAK
    • CSR INITIATIVES
    • CHANNEL GURU
    • CHANNEL CHIEF
    • CASE STUDY
  • TECHTREND
    • VAR PANCHAYAT
    • TELECOM
    • SOFTWARE
    • POWER
    • PERIPHERALS
    • NETWORKING
    • LTE
    • CHANNEL BUZZ
    • ASK AN EXPERT
  • SUBSCRIBE
  • Apps
  • Gaming
  • KDS
  • Security
  • Telecom
  • WFH
  • Subscriber to Newsletter
  • April Issue
  • Blogs
  • Vlogs
  • Faceoff AI
    

HOME
NEWS

Redington's subsidiary Arena agrees to sell Paynet to iyzico


By VARINDIA - 2024-05-09
Redington's subsidiary Arena agrees to sell Paynet to iyzico

Arena, a subsidiary of Redington, has reached an agreement to sell Paynet, its payment processing platform, to iyzico, a prominent player in the payments industry. The deal is valued at 87 million USD plus adjusted net cash included in the Paynet financial statements on the date of share transfer.

 

This strategic decision aligns with Arena's vision to streamline its portfolio and focus on core offerings while fostering growth opportunities in key areas. The acquisition of Paynet by iyzico marks a significant milestone for both companies, strengthening their positions in the rapidly evolving payments landscape.

 

"We are excited that Paynet will join forces with iyzico and embark on this new chapter of growth and innovation," said Serkan Çelik, CEO of Arena Group. “What makes Paynet unique in this industry is its expertise and experience in the B2B and B2B2C sectors. Paynet enables the digitization of payments for large companies, their SME partners and the end-users on a single platform. It’s success stems from its ability to provide this digitization service to customers across different sectors and business models with advanced technological solutions and in a cost efficient manner. iyzico and Paynet’s respective experiences in B2C and B2B/B2B2C fields will create a company that will be well-positioned to redefine the future of fintech and empower businesses and individuals to thrive in an increasingly digital world."

 

“As Redington, we are delighted to witness this strategic divestment unfold, marking it a pivotal moment in our journey in Turkey. Our subsidiary, Arena, has built a good business and key go to market assets on distribution of IT & Mobility products from leading Brands. With this divestiture, we are unlocking value from the Paynet arm and increasing our focus and resources on the core business of distribution in Arena. ”V. S Hariharan, Group CEO, Redington Limited.

 

Paynet has established itself as a trusted payment processing platform, empowering businesses with seamless transactions and advanced payment solutions. Its integration with iyzico will further enhance its capabilities, offering merchants access to a broader range of payment options and innovative features.

 

"iyzico is thrilled to announce the agreement for the acquisition of Paynet, a move that underscores our dedication to driving innovation and value for our customers," said Orkun Saitoglu, iyzico CEO. "By joining forces with Paynet, we will be strengthening our capabilities and positioning ourselves for enhanced growth and a successful position in the competitive Turkish fintech landscape.”

 

Arena and its partners in the IT and Telco industries will continue to benefit from Paynet’s services, which will be provided under the same conditions for the next 3 years minimum. The closing of the transaction will be subject to regulatory approvals (i.e.Central Bank of Republic of Turkiye, Competition Board). Odin Financial Advisors are serving as the sole financial advisors to Paynet and Arena Group in connection with the transaction.

See What’s Next in Tech With the Fast Forward Newsletter

SECURITY
View All
Zscaler announces AI innovations to its Data Protection Platform
Technology

Zscaler announces AI innovations to its Data Protection Platform

by VARINDIA 2024-05-20
SHIELD to enhance Swiggy’s fraud prevention and detection capabilities
Technology

SHIELD to enhance Swiggy’s fraud prevention and detection capabilities

by VARINDIA 2024-05-20
Axis Communications announces its first thermometric camera designed for Zone/Division 2
Technology

Axis Communications announces its first thermometric camera designed for Zone/Division 2

by VARINDIA 2024-05-20
SOFTWARE
View All
Hitachi Vantara and Veeam announce Global Strategic Alliance
Technology

Hitachi Vantara and Veeam announce Global Strategic Alliance

by VARINDIA 2024-05-16
Adobe launches Acrobat AI Assistant for the Enterprise
Technology

Adobe launches Acrobat AI Assistant for the Enterprise

by VARINDIA 2024-05-11
Oracle Database 23ai offers the power of AI to Enterprise Data and Applications
Technology

Oracle Database 23ai offers the power of AI to Enterprise Data and Applications

by VARINDIA 2024-05-10
START - UP
View All
Data Subject Access Request is an integrated module within ID-REDACT®
Technology

Data Subject Access Request is an integrated module within ID-REDACT®

by VARINDIA 2024-04-30
SiMa.ai Secures $70M Funds from Maverick Capital
Technology

SiMa.ai Secures $70M Funds from Maverick Capital

by VARINDIA 2024-04-05
Sarvam AI collaborates with Microsoft to bring its Indic voice LLM to Azure
Technology

Sarvam AI collaborates with Microsoft to bring its Indic voice LLM to Azure

by VARINDIA 2024-02-08

Tweets From @varindiamag

Nothing to see here - yet

When they Tweet, their Tweets will show up here.

CIO - SPEAK
Automation has the potential to greatly improve efficiency and production

Automation has the potential to greatly improve efficiency and production

by VARINDIA
Various approaches are followed to enhance efficiency, productivity, and cost-effectiveness

Various approaches are followed to enhance efficiency, productivity, and cost-effectiveness

by VARINDIA
Technology can be leveraged in several ways to boost efficiency, productivity and reduce cost

Technology can be leveraged in several ways to boost efficiency, productivity and reduce cost

by VARINDIA
Start-Up and Unicorn Ecosystem
GoDaddy harnesses AI power for new domain name recommendations

GoDaddy harnesses AI power for new domain name recommendations

by VARINDIA
UAE’s du Telecom selects STL as a strategic fibre partner

UAE’s du Telecom selects STL as a strategic fibre partner

by VARINDIA
JLR and Dassault Systèmes extend partnership for All Vehicle Programs worldwide

JLR and Dassault Systèmes extend partnership for All Vehicle Programs worldwide

by VARINDIA
Rapyder partners with AWS to accelerate Generative AI led innovation

Rapyder partners with AWS to accelerate Generative AI led innovation

by VARINDIA
ManageEngine integrates its SIEM solution with Constella Intelligence

ManageEngine integrates its SIEM solution with Constella Intelligence

by VARINDIA
Elastic replaces traditional SIEM game with AI-driven security analytics

Elastic replaces traditional SIEM game with AI-driven security analytics

by VARINDIA
Infosys and ServiceNow to transform customer experiences with generative AI-powered solutions

Infosys and ServiceNow to transform customer experiences with generative AI-powered solutions

by VARINDIA
Crayon Software Experts India inaugurates its ISV Incubation Center in Kolkata

Crayon Software Experts India inaugurates its ISV Incubation Center in Kolkata

by VARINDIA
Dassault Systèmes to accelerate EV charging infrastructure development in India

Dassault Systèmes to accelerate EV charging infrastructure development in India

by VARINDIA
Tech Mahindra and Atento to deliver GenAI powered business transformation services

Tech Mahindra and Atento to deliver GenAI powered business transformation services

by VARINDIA
×

Reproduction in whole or in part in any form or medium without express written permission of Kalinga Digital Media Pvt. Ltd. is prohibited.

  • Distributors & VADs
  • Industry Associations
  • Telco's in India
  • Indian Global Leaders
  • Edit Calendar
  • About Us
  • Advertise Us
  • Contact Us
  • Disclaimer
  • Privacy Statement
  • Sitemap

Copyright varindia.com @1999-2024 - All rights reserved.