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.
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