SafeCharge Internat
ional Group Limited is a global provider of payments services, risk management and IT solutions for online businesses. The Group has a diversified, blue chip client base and is a trusted payment partner for customers from various e-commerce verticals.
The Company has entered definitive agreements to acquire 100% of the issued share capital of 3V, for a consideration of €14.5 million of which €11.6 million is payable on completion with the balance payable over three years (the "Acquisition"). The Acquisition is expected to complete in January 2015.
3V are a financial services provider which boasts of helping to establish new and diverse providers in the market. Our technology and your consumer insight will bring benefits to your customers and create value for your business.
Safecharge’s acquisition is strategically significant in that 3V will become the foundation of SafeCharge’s card issuing activities through its new Issuing Division, accelerating the Group’s entry into this rapidly growing sector.
The deal is of great mutual benefit to both parties evident from the comments by executives of the firms:
David Avgi, SafeCharge’s Chief Executive, said: “The acquisition marks a further milestone in the execution of SafeCharge’s strategic plan to enter new product verticals and deliver innovative payment technologies. 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.”
Kieron Guilfoyle, 3V’s Chief Executive, said: “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. We are committed to the success of this acquisition and look forward to collaborating with the SafeCharge team.”
This presents a new method for SafeCharge’s clients to make withdrawals by conveniently transferring funds from their accounts to a pre-paid card.
SafeCharge also acquired CreditGuard this month for $8 million, a level 1 certified payment service provider with white labeling capabilities.