EML Payments has wholly acquired Prepaid Financial Services Ireland (PFS) for an upfront enterprise value of £226m.
The company will also add an earn-out component of up to £55m.
Through this deal, EML is adding digital banking and multi-currency offerings to its tool suite, as well as growing its market footprint and cross-sell capabilities.
PFS is a prepaid card and payment technology builder which offers end-to-end solutions to clients by designing, developing, implementing and managing the programs. Its products include consumer, virtual, multi-currency and gift cards, and e-vouchers.
EML supplies businesses with payment technology such as payouts, gifts, incentives and rewards, and supplier payments.
PFS CEO Noel Moran said, “From humble beginnings over a decade ago, PFS started life at a kitchen table and now we are so happy to be listed on the Australian stock exchange as a result of this transaction.
“It has been a magnificent journey and I am excited about the possibilities and opportunities that this will bring to us over the coming years. I look forward to working with the EML team and cross selling our expanded payment solutions over a global footprint.
“The EML product suite adds considerably to our existing capabilities and our combined global reach enables the group to service clients worldwide.”
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