Euronet Worldwide, a global electronic payments provider and distributor, has acquired Pure Commerce, a provider of cloud-based financial and payment solutions to
banks, acquirers and global retailers. Pure Commerce is headquartered in Sydney, Australia.
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
“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
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 www.pure-commerce.com.
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.