PAYNOVA EXPANDS IN NORTH AMERICA AND STRENGTHENS ITS MANAGERIAL TEAM
Paynova is strengthening its presence in North America in a collaboration with the US technology and services provider Creative Conversion Technologies. The collaboration with Creative Conversion Technologies integrates Paynova’s payment services in a turnkey solution for online distribution of streamed media. At the same time, to liberate resources and exploit the potential in North America, Paynova will reinforce its management team.
Paynova is now increasing its engagement in North America through its acquisition of an American sales and support company. The contract was signed at the end of 2005. Activity levels remain high, and Paynova has signed another important contract on the North American market. This agreement cements a collaboration with technology and services provider Creative Conversion Technologies, which is developing and marketing a turnkey service for streamed media in the entertainment industry.
Technological paradigm shift lays ground for strong market growth
The North American market for online streamed media is facing strong growth in the near future as broadband rapidly increases its penetration. Developments are, however, still restricted by the lack of technology within a number of areas. The technology lacks practical protection for copyright material, as well as an efficient, dynamic and secure payment method. Much of what the entertainment industry currently distributes on actual DVDs will, in the future, be delivered by streaming online.
A unique solution for streamed media
Paynova’s partner has a good foothold in the American entertainment industry. Creative Conversion Technologies has developed a solution for distribution of streamed media, which effectively protects the copyrighted material and also has capacity for streaming at very high resolution, so-called High Definition. The collaboration will involve Paynova’s payment service being integrated in a turnkey solution for streamed media, which will be launched at the end of the year.
Developments in the US require further strengthening of the management team
Paynova has further strengthened the company’s senior management team in order to provide CEO Lars Ekstedt with increased opportunity to exploit the potential inherent in the new agreement, and the current business situation in North America. A new manager, Pär Kempe, will have responsibility for Paynova’s overall business development and administration. He has recently been engaged by Paynova specifically for business development and strategic planning. His former positions include that of managing director of the catalogue company Eniro Finland, and financial director of TeliaInfoMedia International. He has also worked as CFO for such companies as Tele2, Kabelvision and Intrum Justitia, and was the project manager for Eniro’s listing on the Stockholm Stock Exchange in 2000.
“The North American market for streamed media shows an enormous potential for growth, and Paynova’s payment service has made an impact, and proved to be eminently suitable for this type of application. The collaboration that has now begun will make Paynova part of a very competitive application that is already attracting great interest in the market. The further strengthening of our management team liberates further resources that will protect all of the potential to be found in Paynova’s key markets,” explains Lars Ekstedt, CEO, Paynova.
For further information, please contact:
Lars Ekstedt, CEO
Telephone: +46 703-74 27 37
About Paynova
Paynova offers an international, account-based payment service via the Internet. With Paynova as the only counterpart, e-retailers get a payment guarantee for around twenty payment options in 10 languages with 8 currencies in a security-certified interface (PCI). Consumers can open an account, a Paynova wallet, for free on the Internet to make purchases more secure and simpler, as well as look after transfers between family members, friends and acquaintances.
Paynova has an agreement with around 1,000 e-retailers. Most are found in the following prioritised segments: travel, retailing and media/network games. The company has been listed on NGM Equity since February 2004. For more information: www.paynova.com