Tyro drops as Kounta appeals poaching decision
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The news: Canadian point of sale (POS) software company Kounta will appeal a court finding that it tried to steal merchants from payments provider Tyro, helping to push the latter's share into the red.
The numbers: Tyro's shares had slipped 1.9% to $1.04 by 3:30pm AEDT.
The context: The NSW Supreme Court found that Kounta, which provided POS software and payments services as an agent under Tyro's financial services licence, had breached its contractual non-solicitation obligations to Tyro and was ordered to refrain from soliciting Tyro merchants for its services. Tyro had been seeking damages for lost revenue and said it will contest Kounta's appeal.
The source: ASX Announcements
