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{{Orphan|date=July 2021}}

{{Infobox company
{{Infobox company
| name = Net 1 UEPS Technologies
| name = Net 1 UEPS Technologies
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'''Net 1 UEPS Technologies''' is a publicly-traded South-African financial technology company that is listed on the [[NASDAQ]] (Nasdaq: UEPS) and [[Johannesburg Stock Exchange]] (JSE: NT1).<ref>{{cite web|url=https://www.iol.co.za/business-report/companies/net1-ueps-technologies-sells-payment-processor-unit-for-237m-41513612|title=Net1 UEPS Technologies sells payment processor unit for $237m|publisher=IOL|date=28 January 2020}}</ref> The company has managed South Africa's social grant payment system and is headquartered in [[Johannesburg]].<ref>{{cite web|url=https://www.businesslive.co.za/bd/companies/financial-services/2017-03-17-net1-must-comply-with-spirit-of-top-courts-order-allan-gray-urges/|title=Net1 must comply with ‘spirit’ of top court’s order, Allan Gray urges| publisher=Business Day|date=17 March 2017}}</ref> By July 2012, Net1 had issued more than 2.5 million South African Social Security Agency (SASSA) debit [[MasterCard]]s to social grant recipients in the country.<ref>{{cite web|url=https://businesstech.co.za/news/trending/19004/net1-reaches-biometric-cards-milestone/|title=Net1 reaches biometric cards milestone| publisher=Business Tech|date=30 July 2012}}</ref>
'''Net 1 UEPS Technologies''' is a publicly-traded South-African financial technology company that is listed on the [[NASDAQ]] (Nasdaq: UEPS) and [[Johannesburg Stock Exchange]] (JSE: NT1).<ref>{{cite web|url=https://www.iol.co.za/business-report/companies/net1-ueps-technologies-sells-payment-processor-unit-for-237m-41513612|title=Net1 UEPS Technologies sells payment processor unit for $237m|publisher=IOL|date=28 January 2020}}</ref> The company has managed South Africa's social grant payment system and is headquartered in [[Johannesburg]].<ref>{{cite web|url=https://www.businesslive.co.za/bd/companies/financial-services/2017-03-17-net1-must-comply-with-spirit-of-top-courts-order-allan-gray-urges/|title=Net1 must comply with ‘spirit’ of top court’s order, Allan Gray urges| publisher=Business Day|date=17 March 2017}}</ref> By July 2012, Net1 had issued more than 2.5 million South African Social Security Agency (SASSA) debit [[MasterCard]]s to social grant recipients in the country.<ref>{{cite web|url=https://businesstech.co.za/news/trending/19004/net1-reaches-biometric-cards-milestone/|title=Net1 reaches biometric cards milestone| publisher=Business Tech|date=30 July 2012}}</ref>


It was founded by Serge Belamant who also developed its basic technology. He left the company in 2017 under a "separation agreement" filed with the [[Securities and Exchange Commission]] for $8 million.<ref>{{cite web|url=https://mg.co.za/article/2017-05-30-net1-to-pay-outgoing-ceo-serge-belamant-a-cool-r263-million/|title=Net1 to pay outgoing CEO Serge Belamant a cool R263-million|publisher=Mail & Guardian|date=30 May 2017}} </ref> Herman Kotze, the company's chief financial officer, became its CEO after Belamant's departure.<ref>{{cite web|url=https://techcentral.co.za/altron-cfo-alex-smith-quits-join-net1/78480/|title=Altron CFO Alex Smith quits to join Net1|publisher=Tech Central|date=1 December 2017}}</ref>
It was founded by Serge Belamant who also developed its basic technology. He left the company in 2017 under a "separation agreement" filed with the [[Securities and Exchange Commission]] for $8 million.<ref>{{cite web|url=https://mg.co.za/article/2017-05-30-net1-to-pay-outgoing-ceo-serge-belamant-a-cool-r263-million/|title=Net1 to pay outgoing CEO Serge Belamant a cool R263-million|publisher=Mail & Guardian|date=30 May 2017}}</ref> Herman Kotze, the company's chief financial officer, became its CEO after Belamant's departure.<ref>{{cite web|url=https://techcentral.co.za/altron-cfo-alex-smith-quits-join-net1/78480/|title=Altron CFO Alex Smith quits to join Net1|publisher=Tech Central|date=1 December 2017}}</ref>


==Acquisitions==
==Acquisitions==

In 2010, the company announced that it would acquire KSNet, a Korean payment processor, for $233 million.<ref>{{cite web|url=https://www.finextra.com/pressarticle/35611/net1-to-buy-99-of-korean-payment-processor-ksnet|title=Net1 to buy 99% of Korean payment processor KSNet| publisher=Finextra|date=16 September 2010}}</ref> Net1 expanded into the United Kingdom with the acquisition of Zazoo in 2015.<ref>{{cite web| url=https://www.globenewswire.com/news-release/2015/02/05/1331916/0/en/Net1-Launches-ZAZOO-in-the-UK.html|title=Net1 Launches ZAZOO in the UK|publisher=Globe Newswire|date=5 February 2015}}</ref> It reached an agreement with [[MobiKwik]], a mobile phone based [[Prepaid Payment Instruments in India|payment system]] and [[digital wallet]] based in India, in 2016.<ref>{{cite web|url=https://www.telecomlead.com/mobile-vas/net-1-and-mobikwik-enter-into-subscription-agreement-in-india-70949|title=Net 1 and MobiKwik enter into subscription agreement in India| publisher=Telecomlead|date=26 August 2016}}</ref>
In 2010, the company announced that it would acquire KSNet, a Korean payment processor, for $233 million.<ref>{{cite web|url=https://www.finextra.com/pressarticle/35611/net1-to-buy-99-of-korean-payment-processor-ksnet|title=Net1 to buy 99% of Korean payment processor KSNet| publisher=Finextra|date=16 September 2010}}</ref> Net1 expanded into the United Kingdom with the acquisition of Zazoo in 2015.<ref>{{cite web| url=https://www.globenewswire.com/news-release/2015/02/05/1331916/0/en/Net1-Launches-ZAZOO-in-the-UK.html|title=Net1 Launches ZAZOO in the UK|publisher=Globe Newswire|date=5 February 2015}}</ref> It reached an agreement with [[MobiKwik]], a mobile phone based [[Prepaid Payment Instruments in India|payment system]] and [[digital wallet]] based in India, in 2016.<ref>{{cite web|url=https://www.telecomlead.com/mobile-vas/net-1-and-mobikwik-enter-into-subscription-agreement-in-india-70949|title=Net 1 and MobiKwik enter into subscription agreement in India| publisher=Telecomlead|date=26 August 2016}}</ref>


Net1 sold KSNet to Stonebridge Capital and Payletter for $237 million in March 2020.<ref>{{cite web|url=https://www.nasdaq.com/articles/net-1-ueps-tech-to-sell-ksnet-for-about-%24237-mln-2020-01-27|title=Net 1 UEPS Tech To Sell KSNET For About $237 Mln|publisher=Nasdaq|date=27 January 2020}}</ref> In September 2020, Cash Paymaster Services (CPS), a subsidiary of Net1, went into liquidation. It had been in a previous legal dispute over deductions from grant payments for micro loans‚ airtime and other financial services.<ref>{{cite web|url=https://www.timeslive.co.za/sunday-times/business/2017-06-02-new-net1-boss-defends-belamants-8-million-golden-handshake/|title=New Net1 boss defends Belamant's $8- million golden handshake|publisher=Sunday Times|date=2 June 2017}}</ref><ref>{{cite web|url=https://www.moneyweb.co.za/news/companies-and-deals/cash-paymaster-services-to-go-into-liquidation/|title=Cash Paymaster Services to go into liquidation|publisher=Moneyweb|date=30 September 2020}}</ref>
Net1 sold KSNet to Stonebridge Capital and Payletter for $237 million in March 2020.<ref>{{cite web|url=https://www.nasdaq.com/articles/net-1-ueps-tech-to-sell-ksnet-for-about-%24237-mln-2020-01-27|title=Net 1 UEPS Tech To Sell KSNET For About $237 Mln|publisher=Nasdaq|date=27 January 2020}}</ref> In September 2020, Cash Paymaster Services (CPS), a subsidiary of Net1, went into liquidation. It had been in a previous legal dispute over deductions from grant payments for micro loans‚ airtime and other financial services.<ref>{{cite web|url=https://www.timeslive.co.za/sunday-times/business/2017-06-02-new-net1-boss-defends-belamants-8-million-golden-handshake/|title=New Net1 boss defends Belamant's $8- million golden handshake|publisher=Sunday Times|date=2 June 2017}}</ref><ref>{{cite web|url=https://www.moneyweb.co.za/news/companies-and-deals/cash-paymaster-services-to-go-into-liquidation/|title=Cash Paymaster Services to go into liquidation|publisher=Moneyweb|date=30 September 2020}}</ref>

Revision as of 17:40, 21 July 2021

Net 1 UEPS Technologies
UEPS
NT1
Company typePublic
FounderSerge Belamant
Headquarters
Johannesburg
,
South Africa
Key people
Herman Kotze, CEO
Websitenet1.com

Net 1 UEPS Technologies is a publicly-traded South-African financial technology company that is listed on the NASDAQ (Nasdaq: UEPS) and Johannesburg Stock Exchange (JSE: NT1).[1] The company has managed South Africa's social grant payment system and is headquartered in Johannesburg.[2] By July 2012, Net1 had issued more than 2.5 million South African Social Security Agency (SASSA) debit MasterCards to social grant recipients in the country.[3]

It was founded by Serge Belamant who also developed its basic technology. He left the company in 2017 under a "separation agreement" filed with the Securities and Exchange Commission for $8 million.[4] Herman Kotze, the company's chief financial officer, became its CEO after Belamant's departure.[5]

Acquisitions

In 2010, the company announced that it would acquire KSNet, a Korean payment processor, for $233 million.[6] Net1 expanded into the United Kingdom with the acquisition of Zazoo in 2015.[7] It reached an agreement with MobiKwik, a mobile phone based payment system and digital wallet based in India, in 2016.[8]

Net1 sold KSNet to Stonebridge Capital and Payletter for $237 million in March 2020.[9] In September 2020, Cash Paymaster Services (CPS), a subsidiary of Net1, went into liquidation. It had been in a previous legal dispute over deductions from grant payments for micro loans‚ airtime and other financial services.[10][11]

References

  1. ^ "Net1 UEPS Technologies sells payment processor unit for $237m". IOL. 28 January 2020.
  2. ^ "Net1 must comply with 'spirit' of top court's order, Allan Gray urges". Business Day. 17 March 2017.
  3. ^ "Net1 reaches biometric cards milestone". Business Tech. 30 July 2012.
  4. ^ "Net1 to pay outgoing CEO Serge Belamant a cool R263-million". Mail & Guardian. 30 May 2017.
  5. ^ "Altron CFO Alex Smith quits to join Net1". Tech Central. 1 December 2017.
  6. ^ "Net1 to buy 99% of Korean payment processor KSNet". Finextra. 16 September 2010.
  7. ^ "Net1 Launches ZAZOO in the UK". Globe Newswire. 5 February 2015.
  8. ^ "Net 1 and MobiKwik enter into subscription agreement in India". Telecomlead. 26 August 2016.
  9. ^ "Net 1 UEPS Tech To Sell KSNET For About $237 Mln". Nasdaq. 27 January 2020.
  10. ^ "New Net1 boss defends Belamant's $8- million golden handshake". Sunday Times. 2 June 2017.
  11. ^ "Cash Paymaster Services to go into liquidation". Moneyweb. 30 September 2020.
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