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Sanoma Budapest and Payback Group agreed to jointly launch an online auction site in Hungary through a joint venture company. The site will be called TeszVesz.hu,
Sanoma Budapest will purchase 49% of the shares in joint the venture company HIAA Kereskedelmi és Szolgáltató Kft. HIAA operates Payback's Hungarian pilot site, tetrako.hu. Upon acquisition this site will be re-launched under the name TeszVesz.hu and have a new design and structure. Design and labeling works have already begun. The joint venture company will be renamed Sanoma Payback Kommunikációs Kft.
The joint venture company intends to obtain a leading position among auction sites in a few years. Payback, with registered seat at Poznan, Poland, has been successfully involved in similar auction sites in Poland and the Czech Republic. Its main activity is providing on-line e-commerce solutions, like auctioning. It has 2.5 million registered users and has generated revenues of EUR 3.5 million in the first half of 2004. Payback's own online payment system, PayU, is yet to be introduced in Hungary.
For more information:
Ms Ildikó Csejtei, marketing and PR director Sanoma Budapest
e-mail:
tel.: + 36-1- 437-1226
Published on January 5, 2005