IncentiaPay completes sale of Gold Coast trade exchange business Bartercard to former CFO Tony Wiese

THE sale of Gold Coast trade exchange business Bartercard to the company’s former chief finance officer has been finalised.

THE sale of Gold Coast trade exchange business Bartercard to the company’s former chief finance officer has been finalised.

IncentiaPay announced this morning that it had completed the divestment of shares in Bartercard assets to entities linked to Tony Wiese, who was part of the local management team that bought Bartercard’s Australian arm in 2007 and later listed the company as BPS Technology in 2014.

The agreement will see Mr Wiese’s entities pay $5 million in cash for the business.

IncentiaPay, which changed its name from BPS Technology earlier this year, signed a binding agreement to divest its shares in a number of Bartercard assets in September.

Bartercard has been sold to entities controlled by former chief finance officer Tony Wiese. Picture: Mike Batterham

The Bartercard business heavily weighed on IncentiaPay’s first full-year results.

Revenue plunged 25 per cent to $29.38 million and the company booked $47.2 million of non-cash impairments, much of which related to Bartercard.

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Mr Wiese left BPS Technology in February following a restructure that was prompted by a minority shareholder group attempting to oust the board.

IncentiaPay CEO Iain Dunstan said it offloaded Bartercard to focus on other payment systems including Alipay.

IncentiaPay sold Bartercard so it can focus on other businesses such as its partnership with Alipay. Picture: Jerad Williams

“The transaction was part of IncentiaPay’s strategic review as announced in December, 2017, to sell non-core operations and reallocate capital to focus on IncentiaPay’s core business of Entertainment Group, Alipay and Gruden,” he said.

“The completion of this transaction, enables us to focus on growing Entertainment Book and pursuing new market opportunities.”

IncentiaPay held its annual meeting today.

Shares were steady in intraday trading at 10¢.