Adelaide-based Internet payment gateway and e-commerce company Camtech has been swallowed by Keycorp in a $10 million deal which will facilitate its launch into the global marketplace.
Camtech's global presence, already in Australia, Malaysia and the US, will continue to expand through Keycorp offices in NZ, Japan, North America and the UK. Camtech CEO Bruce Linn said this expansion will have a great roll-on effect for Camtech's 170-strong channel partner community in terms of exposing it to foreign markets.
"With the accelerated execution of our global vision, we will be taking the innovation base of our channel partners to the rest of the world," said Linn.
"Many of [our channel partners] have developed solutions around our payment gateway technology that addresses specialised segments of the market such as corporate, verticals or small business. So, rather than developing something new, our international partners will be able to licence these solutions of Camtech's Australian channel partners."
Keycorp will also utilise Camtech's channel to market a number of its products in Australia, cracking open opportunities in the Eftpos, smartcard and IP telephony convergence space. "They see our channel as key to the successful deployment of Internet payments and this will bring access to new products to form a broader set of capabilities in unifying the online and offline business requirements of merchants."
While Camtech will carry on business as usual, albeit a stronger sales and marketing force in the Eastern states, Linn says the deal has given Camtech the critical mass to go global.
Linn is keen to reiterate Camtech and Keycorp's dedication to the channel, saying it has proven itself as a highly effective model and one which they will continue to develop together.