MIH Allegro acquires ePayment

Bucharest, September 1, 2010. ePayment, the leading provider of integrated eCommerce solutions on the Romanian market, has divested majority control to the Allegro Group, part of the international internet and entertainment group Naspers Ltd.

Allegro has become the major shareholder in ePayment. The transaction was completed in August 2010, for an undisclosed amount. Daniel Nicolescu has been named as the new CEO of ePayment.

Prior to the acquisition, ePayment was spun off into the Avangate division, the international provider of the electronic software distribution and associated services, headquartered in the Netherlands, which became an independent company.

“Allegro brings with it a lot of experience in the eCommerce business, with operations in most of the major Central European countries. I am certain that this will greatly benefit the customers of ePayment in terms of both product offering as well as services. I will continue to be involved with the company and provide support as I have done in the past”, added Radu Georgescu.