Euronet Worldwide Buys Pure Commerce
Euronet Worldwide, Inc. (Nasdaq: EEFT), a leading global electronic payments provider and distributor, today announced the acquisition of Pure Commerce, a fast-growing provider of cloud-based financial and payment solutions to banks, acquirers and global retailers around the world. Pure Commerce is headquartered in Sydney, Australia, and provides a range of currency conversion payment and multi-currency acquiring services for point-of-sale terminals, online applications and ATMs in high foreign card volume locations primarily across Asia Pacific and Europe.
This acquisition allows Euronet to offer industry leading currency conversion and multi-currency acquiring products to global, local and online merchant acquirers, banks and retailers, and also extends Euronet's operating markets. Pure Commerce has developed patented, best-in-class point-of-sale processes and displays that provide consumers with more convenient, transparent transactions. Its product portfolio also increases retailer earnings potential through multi-currency sales capabilities for both over-the-counter and online sales. Pure Commerce customers include leading international banks, merchant acquirers and global merchants. Certain of these global merchants specialize in retail sales in duty free shops, offering brands such as Louis Vuitton, Prada, Hugo Boss and Chanel, among many others.
"Pure Commerce shares our goal of bringing payment convenience to consumers worldwide through products and services that complement our existing portfolio of value added payment solutions," stated Michael J. Brown, Chairman and Chief Executive Officer of Euronet Worldwide. "Moreover, we believe the Pure Commerce products and services will bring exciting revenue sources to our existing customers in the three segments we operate, while Pure Commerce's strength in the Asia Pacific region will add value to our existing businesses."
Pure Commerce's management team brings significant experience in the rapidly growing cloud-based on-demand financial payment and solutions market, and will continue to be managed by current CEO, Daniel Lavecky. The Pure Commerce management team produced approximately $15 million in revenue for 2012 which has grown at a compounded annual rate of approximately 30% over the last three years.
"I am very excited to join the Euronet group of companies," said Lavecky. "The combined strength of Euronet and Pure Commerce should enable us to accelerate our growth in this expanding and exciting service category."
Euronet expects the acquisition to contribute approximately three to four cents to Euronet's annual cash earnings per share in 2013.
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