The new appointment follows news the company has raised $3.8 million in new capital.

SmartPay chief executive Andrew Donaldson is resigning to take up a high profile role with Genesis Energy.

Merchant services company Smartpay has confirmed plans to list on the Australian Stock Exchange (ASX) by the middle of next year.

The listing is expected to open up a new pool of capital as the company looks to grow its share of the eftpos and electronic payment systems market across the Tasman.

Smartpay managing director Ian Bailey said the Australian market was opening up as a result of banking changes and the need to replace many of the 600,000 eftpos terminals in use.

Merchant services company SmartPay (NZX:SPY) has signalled it’s on track to meet ebitda guidance for the 2011 year as it announced a 125% boost in profit for the first half.

The company’s unaudited financial results for the six months to September 30 had revenue at $21.7 million, up 21% from $17.9 million on the prior comparable period.

Gross profit increase 125% to $9 million and earnings before interest, tax, depreciation and amortisation was up to $1.7 million.

Merchant services company SmartPay said it is considering listing on the Australian Stock Exchange (ASX).

The company's shares last traded at 3.4 cents each on the NZX.

Ian Bailey, managing director of SmartPay, said an ASX listing would provide SmartPay with access to a much larger capital market and a larger number of potential acquisition targets, both of which would assist in growing the company.

The board would look at all the options and then prepare a recommendation along with a timetable.

Eftpos company SmartPay is looking to address its debt to equity ratio with a new share purchase plan, launched a week after it confirmed it was outsourcing its manufacturing.

The new plan allows each New Zealand based shareholder to apply for up to $15,000 new SmartPay shares at 3.3356 per share, the same price offered under a recent private placement and a discount of more than 16% on the recent average price.

SmartPay’s shares (NZX:SPY) were sitting at 3.6c at midday, having fallen 0.3c in morning trading.