ePassi announced the acquisition of the Swedish ActiWay
ePassi Payments, a Helsinki, Finland-based provider of employee benefits mobile payments, announced that it acquired its Swedish competitor ActiWay Ab.
ActiWay is the market leader for wellness allowance systems in Sweden.
Financial details of the deal were not disclosed. The acquisition grows ePassi Group’s user base to over a million active users in total and increases ePassi Group’s revenue to approximately 150 million euros.
ePassi Group’s subsidiary ePassi Sweden and ActiWay will continue their growth path together in Sweden. Their services complement each other in an ideal way, enabling an even stronger offering to current and future clients, users and merchants in Sweden.
Niclas Jernberg, the current CEO of ActiWay, will lead the combined business of ePassi Sweden and ActiWay. Jernberg will also invest in and become an owner in ePassi Group.
ActiWay Ab, founded in 2005, is offering an ID card based digital system for payment, administration and follow-up activities on the market for wellness allowance, bicycle benefit and private healthcare. The company has over 320,000 users and over 8,000 registered wellness suppliers.
ePassi Payments Oy, founded in 2007 as a spinoff of Eficode Oy and led by CEO Pekka Rantala, built SporttiPassi, a payment system built around mobile phones for distributing sports vouchers. Over the years, it expanded and became ePassi, a mobile payment solution for subsidized employee benefits, acting as a unique multi-wallet solution combines all the benefits under one service.