Computronics buys web payment company

One-time Western Australian farm electronics business Computronics Holdings has entered in to an option agreement to acquire online payment systems company Point of Pay for $5 million.

Computronics has announced it will pay a $500,000 deposit for Point of Pay and will acquire its Global Exclusive Master License as part of the deal.

Computronics, whose wholly owned subsidiary Computronics Corporation went in to administration last month, intends to raise the initial deposit and working capital via the issue of convertible notes and the balance ($4.5 million) via a share placement at a price yet to be determined.

Computronics started out in 1976 with a farming electronics business, Farmscan, and later acquired an electronics sign business in 1983 before listing on the ASX in 2003.