Wednesday December 24,2014 : SAGI E-PROCESSOR MAKES ANOTHER ACQUISITION
SafeCharge to pay Euro 14.5 million for Dublin financial company.
Barely a week after it sealed a deal to acquire CreditGuard , Teddy Sagi's online e-processor SafeCharge is in the financial news again with an acquisition agreement for Dublin-based 3V which it expects to finalise early next year.
The two companies have agreed on a consideration of Euro 14.5 percent for all of 3V's issued share capital, with Euro 11.6 million upfront and the rest over three years.
3V has been operating for the last decade and specialises in tools for the effective issuing, processing and management of pre-paid card programs. The company has developed proprietary systems that support both physical card programs and rapidly deployable mobile based open loop Virtual Cards, Gift Cards, and Virtual Vouchers for card-not-present transactions.
The company's issuing technologies have been successfully deployed across Europe and Canada for customers like Visa Europe and mobile network operators O2/Telefonica, Orange and DNA.
Its track record includes projects such as a virtual ticketing solution built for the 2012 Olympics for Visa Europe; O2 Money in Ireland; Orange Cash in Spain and gift cards for major British supermarkets.
3V has a staff complement of 56 and in its last financial year reported revenue of Euro 2.9 million, net assets at Euro 2.6 million…but a net loss of Euro 3.2 million.
David Avgi, SafeCharge’s CEO, said Tuesday that the 3V acquisition marks a further milestone in 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,” he said.