Amazon to acquire EMVANTAGE Payments
Bengaluru, Feb 16, 2016: Amazon.com, Inc. has agreed to acquire EMVANTAGE Payments Pvt. Ltd., a privately held company that offers services in the area of online payments. EMVANTAGE has developed a series of payment solutions including a payment gateway, mobile payment solutions and pre-paid card solutions. The acquisition of EMVANTAGE will help Amazon accelerate the development of convenient and trust worthy payment solutions for customers and the ecommerce industry in India. As part of this acquisition, EMVANTAGE's employees will join Amazon's payments team to develop innovative payment products and solutions specifically for the Indian market.
"We are laser focused on providing customers in India with a convenient and trust worthy shopping experience" said Srinivas Rao, Director Amazon Payments India"Emvantage is a valuable addition to our team as we accelerate our payment offerings, ensuring the best in class online payment experience anywhere that customers shop with us.”
Subject to customary closing conditions, the acquisition is expected to close in the first quarter of 2016.
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results may differ significantly from management's expectations. These forward-looking statements involve risks and uncertainties that include, among others, risks related to competition, management of growth, new products, services and technologies, potential fluctuations in operating results, international expansion, outcomes of legal proceedings and claims, fulfillment and data center optimization, seasonality, commercial agreements, acquisitions and strategic transactions, foreign exchange rates, system interruption, inventory, government regulation and taxation, payments and fraud. More information about factors that potentially could affect Amazon.com's financial results is included in Amazon.com's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent filings.