Euronet Worldwide, Inc.
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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