Investor Presentaiton
26
Valitor: Reducing international presence and significantly scaling down a very
expensive direct channel investment journey
VALITOR
Previous strategy
1.
Get more volumes through its acquiring
platform through partnerships
Stripe the most important customer for a
2.
few years
2.
International expansion in higher margin
businesses in direct channel
3.
3.
International acquisitions in direct channel to
expand volumes
4.
4. Acquisition of new Omni channel technologies
to boost volumes on the platform
2012
Partnership with
large high volume
low margin
customers started
International growth
1.
Valitor started Markadis UK as organic
initiative
Acquisition of Altapay in Denmark with
operations in Denmark and the UK (ISK 3.9
bn.)
Acquisition of Chip & Pin with operations in
the UK (ISK 1.6 bn.)
Acquisition of IPS with cross-border Omni-
channel capabilities in Europe (ISK 0.5 bn.)
Results and countermeasures
•
•
Results disappointing
Cost still very high and income growth slow
Acquisition cost roughly ISK 6 billion
Impairment of ISK 4 billion in goodwill in Q4
2019
Accumulated underlying operating loss of ISK 9
billion since 2016 largely contributed by
investments in direct channel platform
The Board of Valitor is currently going through a
strategic review of Valitor's businesses
Valitor A/S (pri. Altapay) sold in May 2020
This will support the ongoing sales process
of Valitor
2014
Markadis founded in the UK - direct channel
Altapay acquired in Denmark - direct channel
Investments in platform development
and realization of synergies from
previous acquisitions
2017
Chip and Pin acquired in UK and
merged with Markadis (Direct channel)
IPS acquired in the UK - Omni channel
2018
Valitor sales process starts
2019 December
Valitor announces
organizational changes
2020+
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