SafeCharge, a provider of payments services, risk management and IT solutions, has signed an agreement to acquire 3V Transaction Services, an Irish payment products developer.
The acquisition will accelerate SafeCharge’s entry into the prepaid card market making 3V the foundation of its card issuing business through the new Issuing Division.
The transaction, valued at 14.5m, will have 11.6m payable to SafeCharge on completion with the balance payable over three years.
SafeCharge CEO David Avgi 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 Transaction Services CEO Kieron Guilfoyle 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."
The acquisition is expected to be completed in January 2015.