E-processor SafeCharge in $8mill acquisition deal

SafeCharge, the e-processing company brought to the London market earlier this year by Israeli online gambling and property billionaire Teddy Sagi, continued its relentless growth this week with the $8 million acquisition of payment service provider CreditGuard.

The acquisition is expected to complete in January 2015.

David Avgi, the CEO at SafeCharge, said Friday:

“CreditGuard is highly regarded within the payments industry, with a solid portfolio of clients across multiple market sectors and a vast knowledge and expertise in Enterprise IT infrastructures, networks and security.

“This enables us to fast-track our entry into new verticals and take a strong position in the exciting Israeli market.”

CreditGuard chief exec Uriel Ben David said the collaboration between the two companies would play a central role in expanding CreditGuard’s technologies and services to local and international markets.

“We are excited to be joining the SafeCharge team, which is a true leader and a respected player in the online payments space,” he said.