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BPS Technology (ASX: BPS), the ASX-listed parent company of Gold Coast-based Bartercard, has officially rebranded to IncentiaPay as new CEO Iain Dunstan's overhaul of the company is completed.
The name change coincides with the company's move to diversify into new digital payment areas and customised transactions, which the company says will become a strong growth area for the business.
IncentiaPay earns revenue on transactions through its platforms including Bartercard, Entertainment and Gruden Group and specialises in digital payment solutions linking SMEs and customers around the world. The company says its platforms serve 36,000 SMEs, 22,000 not-for-profit organisations and more than half a million customers.
"We've launched a new brand to clearly represent our core business focus at present and into the future which has shifted to rewards, incentives and payments and away from purely a technology business," Dunstan (pictured) says.
"The rebrand reflects expansion into new digital payment areas through the impending acquisition of Gruden Group to complement IncentiaPay's existing Entertainment, Frequent Values and Bartercard brands, representing 36,000 SMEs, 22,000 not-for-profits and ~600,000 consumers combined."
IncentiaPay is in the process of acquiring the Gruden Group, a Sydney-based digital marketing and transactional company servicing over half a million users across 800 retail outlets.
The acquisition will open up access to customers in the fast food and hospitality sectors like Oporto, Red Rooster and Starbucks while tapping into cost synergies through Gruden's cloud-based mobile transaction platform mobileDEN.
Under the terms, BPS agreed to provide consideration of $8 million, comprised of 27.68 million BPS shares and $250,000 cash to Gruden.
Dunstan stepped into the role of CEO in November 2017 after a period of upheaval with shareholders unhappy with the company's share price which had sunk to record lows. He installed a new management team and board and began the process of rebranding.
"We've cemented partnerships with Alipay, the world's largest payment app with 520 million users which will roll out across Gruden's 800 mobileDEN terminals, Bartercard and Entertainment, and Alibaba, the world's largest e-commerce platform enabling Australian SMEs to break into the Chinese market.
"IncentiaPay will continue building new value-adding partnerships across the Asia Pacific while catering to instant and convenient customer transactions to place SMEs ahead of the curve."
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