BUCHAREST, Romania & LEAWOOD, Kan., USA--(BUSINESS WIRE)--
Euronet Worldwide, Inc. (NASDAQ: EEFT), a leading electronic payments
provider, announces the acquisition of Smart PayNetwork S.A. (PayNet).
PayNet provides integrated ATM outsourcing services, card issuing and
acquiring and POS merchant servicing solutions to financial institutions
in Romania.
With 44 employees, PayNet operates 720 ATMs and 1,700 POS terminals and
manages approximately 540,000 cards. PayNet processes approximately 15
million card transactions annually and is a certified VISA and
MasterCard service provider.
"We have proven ourselves leaders in delivering value, convenience and
innovation to banking in Central and Eastern Europe. The acquisition of
PayNet, combined with our recent deployment of the first independently
owned ATM network in Romania, demonstrates Euronet's continued focus on
exciting growth opportunities in this market," stated Nikos Fountas,
Senior Vice President and Managing Director, Europe EFT Processing
Segment.
"The PayNet acquisition will nicely complement our growing European
business through the addition of approximately a dozen new bank
relationships currently processing a range of outsourcing services
similar to those we currently provide," said Kevin Caponecchi, President
of Euronet Worldwide. "We are confident we can help our new customers
expand their business through our portfolio of value added services
together with access to our independently owned ATMs deployed in some of
the most convenient places in Romania."
The PayNet acquisition will generate revenues of approximately $3
million in the initial year of ownership together with accretive cash
earnings per share of approximately one cent per share; it should
contribute additional earnings in subsequent years because of synergies
between the two companies.
About Euronet Worldwide, Inc.
Euronet Worldwide is an industry leader in processing secure electronic
financial transactions. The Company offers payment and transaction
processing solutions to financial institutions, retailers, service
providers and individual consumers. These services include comprehensive
ATM (Automated Teller Machines), POS (Point of Sale) and card
outsourcing services, card issuing and merchant acquiring services,
software solutions, consumer money transfer and bill payment services,
and electronic distribution for prepaid mobile phone time and other
prepaid products. Euronet's global payment network is extensive -
including 12,668 ATMs, approximately 53,000 EFT POS terminals and a
growing portfolio of outsourced debit and credit card services which are
under management in 32 countries; card software solutions; a prepaid
processing network of approximately 591,000 POS terminals at
approximately 282,000 retailer locations in 29 countries; and a
consumer-to-consumer money transfer network of approximately 140,000
locations serving 136 countries. With corporate headquarters in Leawood,
Kansas, USA, and 47 worldwide offices, Euronet serves clients in
approximately 150 countries. For more information, please visit the
Company's website at www.euronetworldwide.com.
Euronet Worldwide, Inc.
Stephanie Taylor, +1-913-327-4221
staylor@euronetworldwide.com
Source: Euronet Worldwide
News Provided by Acquire Media
