Euronet Worldwide Acquires Pure Commerce
LEAWOOD, Kan., Jan. 8, 2013 (GLOBE NEWSWIRE) -- 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
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
"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.
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.
Euronet's global payment network is extensive - including 17,370 ATMs,
approximately 69,000 EFT POS terminals and a growing portfolio of outsourced
debit and credit card services which are under management in 36 countries;
card software solutions; a prepaid processing network of approximately 631,000
POS terminals at approximately 304,000 retailer locations in 29 countries; and
a consumer-to-consumer money transfer network of approximately 170,000
locations serving 133 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
The Euronet Worldwide, Inc. logo is available at
About Pure Commerce
Pure Commerce provides on-demand financial and payment solutions to banks,
acquirers and multi-national corporates. Established in 1997, Pure Commerce
has a proven track record of successfully developing and deploying many
innovative payment solutions across the globe. The company's payment solutions
provide clients with innovative ways to extend, deepen and retain
relationships with their customers.Pure Commerce serves customers in
Australia, New Zealand, Singapore, Korea, Philippines, Germany, Austria,
France, Switzerland and Sweden.For more information please visit
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.
For further information regarding this release, please contact:
Euronet Worldwide, Inc.
Euronet Worldwide, Inc. logo
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