Paybox bought out by management, abandons consumer business
Fecha Lunes, febrero 03 @ 23:41:57
Tema Pago Electrónico :: e-Payment
| German mobile payment provider Paybox.net AG has been bought out by its management after majority owner Deutsche Bank decided to end its commitment and sell its 75 percent stake. The deal was already concluded at the end of 2002 but only became public last week after Paybox announced the closure of its consumer business.
The closure marks profound restructuring efforts at what was one of the most prolific German startup companies. Up to 80 of the company’s 100 employees may lose their jobs. CEO Matthias Entenmann blames poor adoption of mobile payment by consumers and a harsh investment climate for the company after Deutsche Bank’s withdrawal: “We are the only company offering a universally applicable payment solution“, he says, “but it is hard to reach critical mass on your own.“ Currently, Paybox is trying to reposition itself as a provider of B2B technology solutions and consulting.
However, Entenmann claims the closure of the B2C business will only be „temporary“ and still hopes to find a new partner. He remains bullish about the prospects of mobile payments and points to the company’s successful Austrian affiliate: Paybox Austria, which is owned by telecommunications provider Mobilkom Austria, which will continue the service despite the German company’s problems. It is already using the products in a wide variety of applications, such as railway services, lotteries, and ticketing.
Source http://www.tornado-insider.com
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