Indue is an automatic teller machine (ATM) switching, settlement, processing, telecommunications and reseller business.
It provides services to circa 70 ATM deployers, 1,700 ATMs, 1,350 modems and processes 12 million transactions per annum.
Stargroup is a dual listed technology company that owns a 350+ ATM network in Australia and provides EFTPOS and payWave technologies, and has a 11% interest in NeoICP Korea Inc, the manufacturer of cashPod ATMs, back office and casino settlement solutions.
Stargroup offers two key products - ATMs and EFTPOS terminals.
The acquisition of Indue will support Stargroup as it continues its revenue growth and will also provide the business with synergies.
Todd Zani, chief executive officer, commented: “Both parties are committed to this acquisition and the ongoing relationship and the transaction is unconditional. We will advise the market as soon as the transaction is complete.”