PAX Global Technology has acquired a total of 60% of the entire corporate capital in Italian e-payment services company Centro Servizi Consortili Italia (CSC) to expand its European footprint.
CSC is an organization of service companies operating across Italy which provides installation, technical assistance, logistical support and repair services for nearly one million Point of Sale terminals.
The acquired company also delivers other hardware used by banks, such as ATM machines, cash & coin counters and computer servers.
Major Italian payment processors such as CartaSi, UniCredit, Consorzio Triveneto, Setefi (Intesa San Paolo), Banco Popolare and UniCredit are customers of CSC.
Commenting on the deal, CSC president Mario Spolverini said: "We are delighted with this investment by one of China's most respected IT sector companies.
PAX sales director Mark O'Flynn commented: "Apart from strengthening PAX's growing market share in Italy, our many channel partners and customers across Europe will also be able to avail of CSC's terminal repair services.
Andrew Wu, vice president for the EMEA region at PAX, added: "Our stake in CSC will enable us to vertically integrate into the payment value chain and better service our Italian banking customers by operating a one-stop-shop for electronic payment solutions."