SafeCharge chief hails ‘milestone’ 3V deal

SafeCharge chief hails ‘milestone’ 3V deal

Wednesday, December 24, 2014

SafeCharge has announced a “strategically significant” acquisition of 3V Transaction Services, with the technology company set to play a central role in the payment services provider’s new Issuing Division.

The full €14.5m ($17.7m) takeover by SafeCharge is expected to be completed in January, when €11.6m is due to be paid before the remaining payments are spread over the following three years.

It is a second major acquisition in as many weeks for SafeCharge following the announcement of a deal to snap up payment services provider CreditGuard for $8.4m.

“The acquisition marks a further milestone in the execution of SafeCharge's strategic plan to enter new product verticals and deliver innovative payment technologies,” SafeCharge chief executive David Avgi said.

“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.”

3V, based in Dublin, Republic of Ireland, was established 10 years ago and provides tools for issuing, processing and managing pre-paid card programmes in various markets, including Canada, Finland, Germany, Ireland, the Netherlands, Spain and the UK.

As a provider of physical and virtual cards, the company would appear to offer an ideal supplementary service to SafeCharge, which has numerous partners in the gaming sector.

“We are pleased that SafeCharge has selected our technology and talented team in order to deliver solutions to its extensive network of merchants and channels,” 3V chief executive Kieron Guilfoyle said.

“We are committed to the success of this acquisition and look forward to collaborating with the SafeCharge team.”

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