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Planet Payment Inc

Overview

Planet Payment Inc is a multi-currency credit card data processor. It has operations covering North America, Europe and Asia and works for a number of large banks and credit card processors. Bank customers already include Standard Chartered, Agricultural Bank of China, Barclays and HSBC. The businesses that use the company’s system include many upmarket hotels, such as Marriott, Swissotel and the Dorchester, airlines, restaurant groups and major brands, such as Montblanc and Cartier. Planet’s strategy is to target the big multinational businesses and brands. Planet joined Aim on 20 March 2006, when it raised £7m at 125p a share. In April 2008, Planet acquired iPay, an ASP-based ecommerce processing services provider for $1m. iPay had been sold a few years earlier for more than $30m. It generated $7m of annual revenues. Planet has two classes of shares – fully tradable ones under the code PPT and regulation S shares with trading restrictions under the code PPTR - because it is a US company. The shares are also traded in the US on the OTCQX under the code PLPM.

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