The acquisition enables Pure Commerce to scale its current service offerings, to upgrade services to its bank, merchant and acquirer customers with its range of currency conversion solutions for point-of-sale, automatic teller machines (ATM) and online payment applications.
Following the purchase, Euronet will be able to offer currency conversion payment and multi-currency acquiring services to global, local and online banks, acquirers and retailers, with synergies for Pure Commerce’s payment services in all three of its business lines.
Founded in 1997, Pure Commerce provides currency and payment services to banks, acquirers and multinational corporates worldwide. The company has offices in Sydney, Singapore, Seoul, Zurich and London. Pure Commerce’s revenues for 2012 have reached almost USD 15 million, which has grown at a compounded annual rate of almost 30 percent over the past three years.
Euronet operates three business lines, including the operation of ATMs and point of sale terminals through its Electronic Financial Transactions (EFT) Division; distribution and processing of prepaid and other virtual content products through its epay Division; and person-to-person money transfer and foreign exchange services through its Ria Money Transfer Division. According to the latest report, in 2011, Euronet has registered revenue of almost USD 1.2 billion and processed around two billion transactions across its ATM, prepaid and money transfer networks for more than 190 financial institutions, 200 mobile operators, almost 449,000 retailer and agent locations and millions of individual consumers worldwide.
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