PAX Global, a new name in the supply of payments terminals, believes it may be on the cusp of breakout in the local market, following its acquisition of the firm’s local distributor late last year.
Alongside Ingenico and Verifone, PAX is the third largest supplier of payments terminals in Australia with an installed base of around 100,000, Michael Johnson, CEO of PAX Australia told Banking Day.
Johnson estimates the addressable market at a little more than one million units.
PAX supplies payment terminals to Virgin Australia, A2B taxi group, Queensland Light Rail and Smartpay, among others.
A number of promising tenders, including from key banks and major retailers, are either in the market or anticipated and may provide the platform for PAX to accelerate its growth.
In August, Hong Kong-listed PAX Global paid A$6 million to buy out the two local shareholders of the distribution business serving Australia and New Zealand.
A contingent consideration of A$14.5 million may be payable.