IncentiaPay to offload Southport-based Bartercard business to entity related to former CFO Tony Wiese in $5M cash deal

THE former chief finance officer of the Bartercard business has struck a deal with owner IncentiaPay to buy back the firm he left earlier this year.

Former Bartercard executive Tony Wiese is buying the business back. Picture: Mike Batterham

THE former chief finance officer of Gold Coast trade exchange business Bartercard is buying back the farm.

An entity 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, has agreed to pay $5 million in cash for the business.

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

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

The board of BPS Technology just prior to listing on the ASX in 2014. (Rear) Tony Wiese, chief financial officer, Brian Hall, managing director. (Front) Tony Lally, non-executive director, Trevor Dietz, chief executive officer, Murray d'Almeida, chairman, Andrew Pipolo, non-executive director.

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.

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

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IncentiaPay CEO Iain Dunstan said the transaction, which is subject to shareholder approval, once completed, will enable the company to focus on its core business and goal to become the leading loyalty and payment solutions provider in the Asia Pacific region.

“There are substantial new market opportunities that have been developed utilising the Entertainment division’s existing corporate and partnership marketing channels,” he said.

IncentiaPay is offloading Bartercard to focus on other payment systems including Alipay. Pictured is IncentiaPay CEO Iain Dunstan and George Lawson from Alipay. Picture: Glenn Hampson

“These include offering tailored....options to large corporates, the roll out of a suite of digital marketing services from the Gruden business (acquired as part of the change to IncentiaPay), as well as our recently announced partnership with (Chinese payment platform (Alipay).”

Southport-based Bartercard was launched in 1991 and later became the world’s largest barter trade exchange with a network of tens of thousands of merchants.