American Century Ventures Makes Strategic Investment in Euronet Services
American Century Ventures Makes Strategic Investment in Euronet Services
American Century Ventures Makes Strategic Investment in Euronet Services LEAWOOD, Kan., and KANSAS CITY, Mo. - Euronet Services Inc. (Nasdaq: EEFT) today announced a private placement of $6 million, or 4.9 percent of Euronet's outstanding stock, with American Century Ventures, the strategic investment group for American Century.
With a network of more than 2,500 ATMs worldwide, and over 2,000 in Europe, Euronet operates the largest independent ATM network in Europe and is building a growing transaction processing capacity in the United States.
In addition, Euronet recently announced ArrowzTM, a suite of wireless offerings which has been released in Europe and the United States. Euronet has signed contracts with financial institutions for the delivery of Arrowz Wireless Banking as well as Arrowz Event Messaging. Arrowz uses the technology provided by both WAP (Wireless Access Protocol) and GSM two-way messaging. Arrowz allows mobile phone users to access personal banking information or to receive critical messages regarding their account status or events in their accounts.
"Euronet is on the forefront of global distribution in the financial services arena. Its proven electronic transaction technology combined with its new wireless technology has great implications both in the U.S. and in Europe," said Harold Bradley, president of American Century Ventures. "American Century knows that our customers want to be able to interact with us through multiple means such as the Internet and through wireless technology - regardless of where that customer is."
Michael Brown, chairman and CEO of Euronet Services, added, "American Century is exactly the kind of investor we like to cultivate: not only a strong, steady financial partner, but also a potential business partner for our electronic financial transaction products and services. We look forward to a long and mutually beneficial relationship."
"With the Euronet partnership, we will explore ways for American Century customers to reach us in more ways than ever," said Diane Mulcahy, vice president of American Century Ventures. "American Century Ventures' mission is to make investments only in companies that complement the strategic direction of American Century."
To date, American Century Ventures has invested more than $50 million in 10 portfolio companies, including stakes in Optimark Technologies, TradePoint Financial Networks, W.R. Hambrecht & Co., Archipelago, Third Age Media, WorldStreet, Inc., Angry Monkey, RecordsCenter.com, FOLIOfn and Euronet. Initial investments have ranged from $2 million to $8 million.
Additional information about American Century Ventures can be found at its Web site, www.americancenturyventures.com.
American Century is a mutual fund, brokerage and investment services company serving nearly two million individual and institutional investors. It was recently selected as one of FORTUNE Magazine's 100 Best Companies to Work for in America. Through its broad selection of more than 70 mutual funds, the Kansas City, Missouri-based company manages more than $110 billion in assets. James E. Stowers Jr. founded the company in 1958 and serves as chairman. His son, James E. Stowers III, is chief executive officer and William M. Lyons is president and chief operating officer. For more information on company products and services, visit its Web site at www.americancentury.com.
Euronet Services Inc. is a global leader in the rapidly evolving arena of electronic financial transactions and wireless connectivity for banks and retailers. The company's Arksys Software Division offers a suite of fully integrated retail banking products that include ATM management and monitoring, POS and merchant systems, credit and debit card systems, internet banking, telebanking, and wireless banking. Through Euronet's financial data centers, located in both Europe and the United States, the company offers an advanced infrastructure for financial transaction processing services and connectivity to global, regional, and national electronic payment networks. Additional information about Euronet can be obtained by accessing the company's Web site, www.euronetservices.com.
Any statements contained in this news release that concern the company's or management's intentions, expectations, or are predictions of future performance, are forward-looking statements. Euronet's actual results may vary materially from those anticipated in such forward-looking statements as a result of a number of factors, including: technological developments affecting the market for the company's products and services; foreign exchange fluctuations; and changes in laws and regulations affecting the company's business. These risks and other risks are described in the company's periodic filings with the Securities and Exchange Commission, including but not limited to Euronet's Form 10-K for the period ended December 31, 1999, and Form 10-Q for the period ended March 31, 2000. Copies of these filings may be obtained by contacting the company or the SEC.
With a network of more than 2,500 ATMs worldwide, and over 2,000 in Europe, Euronet operates the largest independent ATM network in Europe and is building a growing transaction processing capacity in the United States.
In addition, Euronet recently announced ArrowzTM, a suite of wireless offerings which has been released in Europe and the United States. Euronet has signed contracts with financial institutions for the delivery of Arrowz Wireless Banking as well as Arrowz Event Messaging. Arrowz uses the technology provided by both WAP (Wireless Access Protocol) and GSM two-way messaging. Arrowz allows mobile phone users to access personal banking information or to receive critical messages regarding their account status or events in their accounts.
"Euronet is on the forefront of global distribution in the financial services arena. Its proven electronic transaction technology combined with its new wireless technology has great implications both in the U.S. and in Europe," said Harold Bradley, president of American Century Ventures. "American Century knows that our customers want to be able to interact with us through multiple means such as the Internet and through wireless technology - regardless of where that customer is."
Michael Brown, chairman and CEO of Euronet Services, added, "American Century is exactly the kind of investor we like to cultivate: not only a strong, steady financial partner, but also a potential business partner for our electronic financial transaction products and services. We look forward to a long and mutually beneficial relationship."
"With the Euronet partnership, we will explore ways for American Century customers to reach us in more ways than ever," said Diane Mulcahy, vice president of American Century Ventures. "American Century Ventures' mission is to make investments only in companies that complement the strategic direction of American Century."
To date, American Century Ventures has invested more than $50 million in 10 portfolio companies, including stakes in Optimark Technologies, TradePoint Financial Networks, W.R. Hambrecht & Co., Archipelago, Third Age Media, WorldStreet, Inc., Angry Monkey, RecordsCenter.com, FOLIOfn and Euronet. Initial investments have ranged from $2 million to $8 million.
Additional information about American Century Ventures can be found at its Web site, www.americancenturyventures.com.
American Century is a mutual fund, brokerage and investment services company serving nearly two million individual and institutional investors. It was recently selected as one of FORTUNE Magazine's 100 Best Companies to Work for in America. Through its broad selection of more than 70 mutual funds, the Kansas City, Missouri-based company manages more than $110 billion in assets. James E. Stowers Jr. founded the company in 1958 and serves as chairman. His son, James E. Stowers III, is chief executive officer and William M. Lyons is president and chief operating officer. For more information on company products and services, visit its Web site at www.americancentury.com.
Euronet Services Inc. is a global leader in the rapidly evolving arena of electronic financial transactions and wireless connectivity for banks and retailers. The company's Arksys Software Division offers a suite of fully integrated retail banking products that include ATM management and monitoring, POS and merchant systems, credit and debit card systems, internet banking, telebanking, and wireless banking. Through Euronet's financial data centers, located in both Europe and the United States, the company offers an advanced infrastructure for financial transaction processing services and connectivity to global, regional, and national electronic payment networks. Additional information about Euronet can be obtained by accessing the company's Web site, www.euronetservices.com.
Any statements contained in this news release that concern the company's or management's intentions, expectations, or are predictions of future performance, are forward-looking statements. Euronet's actual results may vary materially from those anticipated in such forward-looking statements as a result of a number of factors, including: technological developments affecting the market for the company's products and services; foreign exchange fluctuations; and changes in laws and regulations affecting the company's business. These risks and other risks are described in the company's periodic filings with the Securities and Exchange Commission, including but not limited to Euronet's Form 10-K for the period ended December 31, 1999, and Form 10-Q for the period ended March 31, 2000. Copies of these filings may be obtained by contacting the company or the SEC.