LEAWOOD, Kan.--(BUSINESS WIRE)--
Euronet Worldwide, Inc. (Nasdaq: EEFT), a leading global electronic
payments provider and distributor, announces the completion of the
acquisition of cadooz Holding GmbH ("cadooz"), a leading German
incentive company, from Palamon Capital Partners, one of Europe's
leading mid-market private equity firms. The acquisition was completed
using cash from existing reserves. cadooz, headquartered in Hamburg, is
Germany's largest full-service provider of vouchers, innovative
merchandise and incentive solutions, serving more than 3,000 corporate
customers across a range of industries in Germany, Austria and Poland,
generating estimated annual revenue of approximately €80 million based
on the face value of products sold. The Company offers a broad range of
incentives, including multi-choice gift vouchers and cards that can be
redeemed through retailers, online stores or mobile phone applications.
"cadooz is a fast growing promotions business, and epay's strong retail
relationships in Germany will help sustain and accelerate that growth,"
said Kevin Caponecchi, President of Euronet Worldwide. "In addition,
cadooz complements our core mobile top-up, prepaid and electronic
payments business, giving us the opportunity to sell cadooz vouchers,
rewards and incentive products to our merchants and retail partners."
cadooz' management team brings a significant depth of experience in the
rewards business, as well as strength in voucher rewards program
management. cadooz will continue to be managed by Florian Welsch,
current CEO of cadooz. The cadooz management team is on track to achieve
organic compounded annual revenue growth in excess of 30% over the last
three years through the development of creative incentive awards that
have led to remarkable product promotions and sales incentives.
"We are looking forward to expanding our supply of products to new
markets with the support of Euronet," says Florian Welsch. "We will be
strenghtening our position as an innovative and reliable supplier of
marketing and incentive concepts for our impressive portfolio of
customers."
Euronet expects the acquisition to deliver immediate and long-term value
for shareholders. Specifically, Euronet believes that the transaction
will:
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Allow epay, Euronet's prepaid payment segment, to expand sales of
existing and future digital content through the 3,000 corporate cadooz
customers
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Expand cadooz' opportunities in Austria and Poland through Euronet's
retail and bank customers
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Leverage cadooz' marketing and promotional capabilities through
Euronet's EFT, epay and Money Transfer segments
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Deliver significant operational and process synergies
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Contribute approximately 3 to 4 cents to Euronet's annual cash
earnings per share in its first full year of operations.
About epay
epay, a Division of Euronet Worldwide, Inc. (NASDAQ: EEFT), is a global
processor and distributor of electronic payment solutions — enabling
service providers to maximize the sales of their products and services.
epay delivers innovative and tailored electronic payment, cash
collection solutions including POS systems integration, a full
settlement and reporting service and full marketing and distribution
service support. The epay product portfolio includes prepaid mobile
top-up, prepaid debit cards, e-wallets, bill payment, gift cards,
digital music and other content, money transfer through its sister
company RIA, lottery and transport payment solutions including road
tolls and public transport. epay delivers these products through a
worldwide network of approximately 276,000 retailer locations and
588,000 points of sale (POS) across a number of markets including
Australia, Austria, Brazil, France, Germany, India, Ireland, Italy, New
Zealand, Poland, Romania, Spain, Switzerland, UK and the US. Visit www.epayworldwide.com
for more information.
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, POS 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. For more information, please visit the
Company's website at www.euronetworldwide.com.
About cadooz:
cadooz is a supplier of vouchers and loyalty/reward systems to corporate
customers. Through its subsidiaries, the cadooz Group (cadooz AG,
yamando GmbH, cadooz rewards GmbH, and cadooz Austria GmbH) sells
shopping vouchers and experience gift certificates that allow corporate
customers to reward sales performance, improve customer loyalty and
recognize the contributions of business partners and employees. cadooz'
approach to vouchers is innovative, with products that are both
customizable and broadly redeemable as gifts, unique experiences and
rewards. cadooz' rewards systems serve the gift industry for clients
from sectors such as transportation, logistics, financial services, and
the automobile industry. For more information, please visit the
Company's website at www.cadooz.de/en/.
Statements contained in this news release that concern Euronet's or
its management's intentions, expectations, or 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: conditions in
world financial markets and general economic conditions; technological
developments affecting the market for the Company's products and
services; foreign currency exchange fluctuations; the Company's ability
to renew existing contracts at profitable rates; changes in fees payable
for transactions performed for cards bearing international logos or over
switching networks such as card transactions on ATMs; and changes in
laws and regulations affecting the Company's business, including
immigration laws. These risks and other risks are described in the
Company's filings with the Securities and Exchange Commission, including
our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K. Copies of these filings may be obtained via
the SEC's Edgar website or by contacting the Company or the SEC. Euronet
does not intend to update these forward-looking statements and
undertakes no duty to any person to provide any such update under any
circumstances. The Company regularly posts important information to the
investor relations section of its website
Euronet Worldwide, Inc.
Sean Keenan, +1-913-327-4200
Source: Euronet Worldwide
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