Equens, a Netherlands-based provider of payment and card processors services, has signed an agreement to acquire Germany-based Commerzbank's wholly owned subsidiary montrada, a card acquiring and network service providing company.

The agreement to acquire montrada also includes an extensive cooperation agreement.

Following the completion of acquisition, expected to be completed in next few weeks, montrada will become a wholly owned subsidiary of Equens.

Montrada operates as an independent card-services enterprise offering a complete service package for cashless payments. The range of services include from consultancy to selecting the ideal payment method, to providing on-site terminal installations and customer support.

Equens board of directors chairman Michael Steinbach said that the acquisition of montrada is a very important strategic step in further expanding the card activities and services in Europe.

“montrada’s strong presence in the German cards market, combined with highly skilled employees and the extensive cooperation agreement with Commerzbank, will allow us to take advantage of the enormous opportunities in the cards market in Germany and abroad. Our existing clients, the banks, and also global acting merchants, will benefit from this move,” Steinbach said.