Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

Seamless Distribution Rises as CEO Buys Shares: Stockholm Mover

Don't Miss Out —
Follow us on:

July 6 (Bloomberg) -- Seamless Distribution AB, a Swedish developer of software for mobile payment solutions, rose the most since March after Peter Fredell, the company’s Chief Executive Officer, purchased additional shares.

Fredell bought 1.14 million shares by exercising options, raising his stake in the Stockholm-based company to about 16 percent, Seamless said in a statement today. Retailers have received SEQR, the company’s mobile payment solution with “enthusiasm,” Fredell said by telephone. “I see significant potential in the company,” he added.

The stock was up 7 percent, or 0.9 kronor, to 13.60 kronor as of 10:05 a.m. in the Swedish capital, valuing the company at 336 million kronor ($48 million), after rising as much as 18 percent. The shares have tripled in value since November, when the company introduced SEQR.

Fredell said Seamless is in talks with many of Sweden’s leading retailers even as implementation of SEQR can take time because stores often have to adapt their back-office systems. Four McDonald’s restaurants in Stockholm have introduced the payment system where consumers scan a QR code at the register to approve payment from their bank accounts, Seamless said today.

International expansion remains a goal for Seamless with SEQR, according to Fredell.

“There aren’t that many Swede’s and in the end Sweden is really just a test market for us,” he said.

To contact the reporter on this story: Kim McLaughlin in Stockholm at kmclaughlin6@bloomberg.net

To contact the editor responsible for this story: Tasneem Brogger at tbrogger@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.