About West

West supplies smart transaction and payment solutions that help the company’s customers to rationalise trade in physical environments. Customers comprise systems integrators, distributors and end customers in the retail and visitor sectors. West was founded in 1988 and has been listed on Nasdaq OMX First North since 2007. The head office is in Upplands Väsby, where around 20 employees work in the areas of sales, project management, development, purchasing, warehouse and service.

West’s business focuses on three clearly defined product areas:

Card Terminals

West provides the infrastructure for the payment methods demanded by the market in the form of reliable card terminal solutions. These are certified to meet the card industry’s highest security requirements and are prepared for the mobile card payments of the future.

Self Service

Standardised self-service solutions for smart payment and transaction applications, as well as solutions for enhanced security and efficiency in handling cash.

Cash Register Systems

Equipment and services for cash register and payment systems.

From the CEO

sten-karlsson

West continues to expand, and with satisfactory profitability. In 2016 the gross margin increased from 41 to 45 per cent and operating profit more than tripled in comparison with the previous year. Through our investment in card terminals we have achieved a significant increase in the value added of our products and services. Today West is a company where its core business consists of developing and supplying software.

During the last few years we have worked with the internationalisation of West. We have established a platform with several important strategic contracts, and we now have coverage in a number of exciting emerging markets, e.g South Africa, Asia and Australia.

Our focus will now gradually switch towards building up the business volumes on these markets. Our strategy on all these new markets is, by working through local distribution partners, to enable the further expansion of sales without high sales costs. This cooperation means, however, that we are dependent on the success of our partners. Their work of both technically and commercially rolling out new card terminals does not always take place at the pace we would like.

A lot of work is involved, from drawing up a contract with a new customer on a new market, until the card terminal can be put into operation. The most important aspects are the different certifications and approvals required by the card industry and the banks.

To simplify these efforts and to gain better control over our product offering, West has during the last two years also made extensive investments in technology. We have built up our own payment gateway, which gives us several advantages from now on. By having our own payment gateway that handles our card terminals we also reduce our dependency on external partners and we get completely new opportunities to further develop the business model, with for example transaction-based earnings.

I am especially pleased and proud that in January we could conclude a business deal with ClearOn, Sweden’s leading provider of financial services to the retail trade. The deal consists of two parts, where ClearOn has acquired the rights to our unique cash withdrawal service cash2go, which they will deliver to their whole network of payment service agents. Cash2go will in this way reach out to considerably more shops and consumers. ClearOn will also be an important partner for West in the development and distribution of future payment systems for small and medium-sized stores on the Swedish market.

The variations between quarters we have seen in 2016 will continue, where larger individual business transactions can be postponed. We do what we can to even out these variations, but always in consultation with the customer. As I mentioned earlier we have built up a solid platform of business contracts for the future, and 2017 is going to be an exciting and profitable journey of growth for West!

 

 

Sten Karlsson, CEO of West International AB

 

 

The market

The market for card terminals in the Nordic region and large parts of Europe is characterized by a complex industrial structure, high barriers to entry and a small number of operators. Once a company is established, however, there are benefits in the form of long customer contracts and slightly less competition than in many other sectors.

There are approx. 220,000 terminals in operation in Sweden. The corresponding figures for Finland and Norway are approx. 200,000 and 150,000 respectively. About half of the terminals in Sweden are independent, while the rest are integrated with the cash register system.

There are estimated annual sales of approx. 50,000 card terminals in Sweden, representing approx. SEK 500 million at the end customer level. The corresponding values are 45,000 terminals in Finland (value SEK 450 million) and 40,000 terminals in Norway (value SEK 400 million).

At present there are an estimated 250,000 cash register locations in Sweden, including the very smallest sales outlets that do not currently have a certified cash register. Since the turn of the year, the law has been tightened and now also includes, for example, traders in squares and markets, which increases the need to supplement the cash register with a control unit and a card terminal.

New, alternative payment solutions, e.g. when the mobile phone is used for payment, have recently been attracting a lot of attention, although as yet there are only a small number of users. Reasons for this include a lack of clarity about added value for the consumer combined with the difficulty of changing user behaviour.

Work for us

West is a good employer, where the focus is on the workforce. Work at West is characterised by entrepreneurship and team spirit.
We are always interested in hearing from those who have the right competence and the desire to work for us. Please submit an expression of interest together with your CV by email to: 
info@westint.se

We will respond to your expression of interest as soon as we can.

Contact us

WEST INTERNATIONAL AB (publ)

Head office

Kanalvägen 14, 2tr, 194 61 Upplands Väsby Sweden

Phone: +46 (0)8 470 03 00
Fax: +46 (0)8 506 68 499
Email: info@westint.se

Goods inward

Kanalvägen 2, 194 61 Upplands Väsby Sweden

Email: logistics@westint.se

Service & Support

Email: services@westint.se