SmartPay purchases ETHOS system

Smart Pay Ethos Limited, a wholly-owned subsidiary of SmartPay Cadmus has entered into an agreement to purchase the ETHOS operating system from Cadmus Developments Limited (CDL).SmartPay Cadmus previously used the software under license from CDL and the purchase now enables the company to control all aspects of its product delivery and development.Managing Director of SmartPay Ian Bailey said that the purchase price will be pair on a per unit fee basis for each EFTPOS terminal produced by SmartPay Cadmus with a minimum of $2 million and capped at $7 million.“The purchase allows SmartPay Cadmus to have total control over its future developments,” Bailey said. “Furthermore, the agreement will provide CDL with the ability to make payments to its note holders over time.”SmartPay Cadmus recently purchased the payments division of ProvencoCadmus for $6 million. SmartPay also announced that it had achieved an unaudited net profit of $224,000 for the first quarter of the financial year.Bailey said: “SmartPay intends to maintain its growth strategy through organic expansion as well as key acquisitions.”