MasterCard is set to acquire European payment
service provider DataCash in a deal worth £333 million ($518
million).
DataCash develops and provides outsourced
electronic payments solutions, fraud prevention and alternative
payment options. MasterCard wants to acquire the business to drive
growth of in the e-commerce section of its business.
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“The acquisition of DataCash will expand our
already significant e-commerce merchant gateway presence in Asia
and Australia to European countries and other high-growth, emerging
markets worldwide,” said Ajay Banga MasterCard president and chief
executive officer.
MasterCard’s offer for DataCash is valued at
360 pence per share and is subject to shareholder approval. The
companies directors have recommended shareholders accept the deal,
which is expected to close in October.
In 2009 DataCash processed more than 240m
transactions for more than 1,400 merchants across a variety of
sectors. The company reported revenue of £36.9m for the year ended
December 31, 2009.
DataCash employs 362 people with operations in
London, Dublin, Mannheim and Cape Town.
