SafeCharge International Group Ltd Acquires Irish Pre-Paid Payment Provider 3V
- The listed company will pay €14.5 million euros for the acquisition, delivering to its clients a virtual and physical card-issuance platform, while establishing its own Issuing Services division.
One of the leading providers of payment services to the foreign exchange industry, SafeCharge International Group Ltd (LON:SCH), has detailed its latest acquisition. The international provider of Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term services, Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term and IT solutions for online businesses, today announced the acquisition of 3V Transaction Services Limited ("3V").
SafeCharge International Group Ltd (LON:SCH) will acquire 100% of 3V Transaction Services for €14.5 million, with €11.6 million payable on completion, and the balance payable over the next three years. The acquisition is expected to be concluded in January 2015.
SafeCharge's Chief Executive, David Avgi, said in the company’s announcement, "3V enables us to gain fast-track entry into the rapidly expanding prepaid card issuance vertical and will provide the foundation of what will become a significant new division within SafeCharge (LON:SCH).”
The firm was established in Dublin in 2004 and specializes in issuance, processing and management of virtual cards, gift cards and virtual vouchers. 3V’s fiscal 2013 book reveals close to €2.9 million in revenues and a net loss of €3.2 million with net assets totaling €2.6 million. The business is expected to turn cash positive within a year.
The acquisition will be financed from SafeCharge’s existing cash resources.
This marks the second acquisition made by the SafeCharge International Group Ltd (LON:SCH) announced this December. The company acquired CreditGuard, a level 1 certified payment service provider with white labeling capabilities for $8 million.
The deal with 3V will enable SafeCharge to make use of its approval for Issuing Activity by MasterCard Europe. After the firm becomes a Principal Member, SafeCharge will be able to issue pre-paid, co-branded MasterCard products.
The move has provided SafeCharge’s clients the opportunity to deliver their clients a new withdrawal method - transferring funds from their accounts to a pre-paid card.
One of the leading providers of payment services to the foreign exchange industry, SafeCharge International Group Ltd (LON:SCH), has detailed its latest acquisition. The international provider of Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term services, Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term and IT solutions for online businesses, today announced the acquisition of 3V Transaction Services Limited ("3V").
SafeCharge International Group Ltd (LON:SCH) will acquire 100% of 3V Transaction Services for €14.5 million, with €11.6 million payable on completion, and the balance payable over the next three years. The acquisition is expected to be concluded in January 2015.
SafeCharge's Chief Executive, David Avgi, said in the company’s announcement, "3V enables us to gain fast-track entry into the rapidly expanding prepaid card issuance vertical and will provide the foundation of what will become a significant new division within SafeCharge (LON:SCH).”
The firm was established in Dublin in 2004 and specializes in issuance, processing and management of virtual cards, gift cards and virtual vouchers. 3V’s fiscal 2013 book reveals close to €2.9 million in revenues and a net loss of €3.2 million with net assets totaling €2.6 million. The business is expected to turn cash positive within a year.
The acquisition will be financed from SafeCharge’s existing cash resources.
This marks the second acquisition made by the SafeCharge International Group Ltd (LON:SCH) announced this December. The company acquired CreditGuard, a level 1 certified payment service provider with white labeling capabilities for $8 million.
The deal with 3V will enable SafeCharge to make use of its approval for Issuing Activity by MasterCard Europe. After the firm becomes a Principal Member, SafeCharge will be able to issue pre-paid, co-branded MasterCard products.
The move has provided SafeCharge’s clients the opportunity to deliver their clients a new withdrawal method - transferring funds from their accounts to a pre-paid card.