Product category:
Smart cards
News Release from: ID Data
Edited by the Marketingservicestalk Editorial
Team on 09 May 2007
ID Data snaps up CredEcard
Smart card specialist ID Data is to acquire CredEcard, the pre-paid card service provider, for up to £725,000 in cash and shares subject to achieving specified performance objectives.
The European market for pre-paid cards is estimated to reach 360 million cards by 2010 ID Data is moving up the "value chain" and into financial services, stregthening the compnay's key relationship with MasterCard
This article was originally published on Marketingservicestalk on 7 May 2007 at 8.00am (UK)
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The acquisition is expected to enhance future profitability of the group.
Additional funds will be raised to allow earlier and more rapid development of the pre-paid business.
Commenting on the acquisition, Peter Cox, CEO of ID Data Group, said: "This acquisition moves ID Data up the value chain from being a plastic card and solutions provider into a broader financial services company.
"The CredEcard business will allow us to develop opportunities with existing European customers in retail, government, leisure and banking.
"As a card solutions company, we understand the pre-paid market and its participants to whom we have provided products and consultancy services.
"Through this acquisition we will now be able to service many clients who seek an end-to-end pre-paid solution, not just with product, but with a fully integrated financial, transaction and money transfer service".
Peter Gregory, CEO of CredEcard, said: "The merger of our business with ID Data will allow us to fulfil our ambitious plans and become a major force in the pre-paid and associated financial services businesses.
"We have demonstrated our advanced capabilities in the payroll sector and have a pipeline of other exciting potential clients.
"Now we have a stronger group offering a fully integrated solution which will be delivering clients further advantages.
"We have been impressed with ID Data as a supplier and with their dynamic approach to acquiring our business and providing us with immediate new sales leads for our future growth.
"CredEcard has an attractive offering and combined with the international credibility of ID Data will, I believe, deliver success for all.".
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