Arena, Redington’s Subsidiary, Announces Agreement to Sell Paynet to iyzico
Arena, a subsidiary of Redington, prominent distributor of innovative technology products and solutions across Turkiye, is pleased to announce that it 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.
Last year we celebrated iyzico’s 10th anniversary and shared our plans for the next decade: to become a strong payment and shopping companion platform that supports merchants in growing their business. The Paynet acquisition showcases one of the many steps towards the implementation of this strategy. Through this combination, we’re creating a company that is exceptionally well-positioned to create significant value for consumers, small businesses, merchants, and shareholders as technology continues to transform the payments marketplace and continuing to support iyzico’s vision of democratizing financial services.”
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.
About iyzico:
iyzico is a provider of innovative financial technology solutions, dedicated to empowering businesses and individuals with cutting-edge tools and services. With a commitment to excellence and a passion for innovation, iyzico is driving positive change in the financial landscape, one solution at a time.
About Arena:
Arena Group, Turkiye’s top technology provider, distributes innovative technology products and solutions across Turkiye. Arena Group, has been ensuring that the products and solutions of the world’s leading technology developers meet with individual and corporate consumers since its establishment in 1991. Apart from the distribution of technology products, which is the main business line of the Arena Group, it also provides services such as Artificial Intelligence and Robotic Process Automation (AutoMind), Used Technology Products Renewal (GoPlus) and Green Energy (Arena Energy) with its own teams consisting entirely of Turkish software developers and engineers. It undertakes innovative and industry-leading initiatives in many fields and develops its own products and services.
About Redington Ltd:
Redington Limited, an integrated technology solutions provider, enables businesses in their digital transformation journeys by addressing technology friction – the gap between innovation and adoption. With presence across 38 markets through 60 subsidiary offices, over 300+ brand associations, and 43,000 channel partners, Redington enables seamless and end-to-end distribution for all categories of IT/ITeS, Telecom, Lifestyle, and Solar products in India, Singapore, South Asia, Middle-East, Africa and Turkey. Through its concentrated focus on technology, innovations, and partnerships, Redington is one of the most trusted distributors of products, services, and solutions across the world.
About Paynet:
Paynet, with more than 20 years of industry experience, is among one of Turkiye’s top payments companies. Paynet, whose seeds were laid in the early 2000s with the idea of making collections by credit card in B2B transactions carried out by Arena Group, is a company that digitizes the financial processes of more than 30,000 businesses operating in many different sectors. Paynet, licensed by the Central Bank of Turkish Republic, is a frontrunner in the field of B2B and B2B2C payment services, enabling member companies to manage their payment flows easily, without space and time limitations, with its innovative and reliable solutions developed entirely by its own teams.
