Planet Payment Inc was incorporated in the State of Delaware on October 12, 1999 as Planet Group Inc and changed its name to Planet Payment, Inc on June 18, 2007. The Company is a provider of payment and transaction processing and multi-currency processing services. The Company provides its services to approximately 88,000 active merchant locations in 23 countries and territories across the Asia Pacific region, Americas, the Middle East, Africa and Europe, through its acquiring bank and processor customers, as well as through its own direct sales force. Its point-of-sale multi-currency payment processing services are designed for merchants in the retail, restaurant, and hospitality environments. It also provides payment services for e-commerce and mail and telephone order merchants. Its ATM services provide domestic and international acquirers with additional processing capabilities. The Company also offers non-financial transaction processing services that allow merchants to offer a range of commercial services including pre-paid mobile phone top-up and bill payments using the same point-of-sale devices deployed to accept payment cards. It is a registered third party processor with card associations and operates in accordance with industry standards, including the Payment Card Industry, or PCI, Security Council's Data Security Standards. The Company's primary competitors are international payment processors, multi-currency payment service providers and e-commerce payment service providers which include CyberSource Corporation, MasterCard International Gateway Services, PayPal, Inc., Borderfree, Inc., GlobalCollect, WorldPay (UK) Limited, and Payvision, Chase Paymentech and Bank of America, JETCO, and eNETS Pte Ltd, among others. The Company has four issued patents in the United States, Australia, India, Indonesia, New Zealand, the Philippines, Singapore, South Africa, Sri Lanka and Taiwan. The Company's customers are subject to numerous laws and regulations applicable to banks and other financial institutions in the United States and elsewhere and, as a consequence, its business is affected by such laws and regulations. Its contracts with acquiring banks, processor, and card association customers require the Company to comply with applicable laws and regulations in the United States and in the various jurisdictions in which the Company and its customers operate.
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