The Bancorp and Transact Network today jointly announced the expansion of Bancorp's payment solutions presence into Europe. Bancorp and Transact Network have entered into a definitive asset purchase agreement for the Bancorp to acquire the MyCardData technology platform, Easybuy website, agreed customer contracts and other principal assets from Transact Network.
Frank Mastrangelo, President and COO of The Bancorp stated, "The acquisition of this platform from Transact Network, a well regarded Pan-European electronic money institution, will establish a European Payment Solutions presence for Bancorp and facilitate European expansion for many of Bancorp's existing "Payment Solutions" clients. It will also enable Bancorp to leverage its current BIN Sponsorship and Program Management Platforms for a wider set of European Payment solutions and offer enhanced products, flexibility, capability, and scalability. We will utilize our success and experience with our US payment solutions platform to grow our European presence."
Kiran Sidhu, Executive Chairman and Founder of Transact Network Limited stated; "I am thrilled by this acquisition. Transact Network has issued over 1 million prepaid cards since inception, evidencing its strong infrastructure, technology and seasoned management providing Bancorp with a strong European presence. This transaction will enable Transact Network's founding shareholders to realize their personal dream of establishing a European payment solutions' powerhouse headquartered in Gibraltar. I am grateful for the extraordinary commitment of our management, employees and partners over the past six years in building this solid foundation."
Jeremy Kuiper, Managing Director of Bancorp Payment Solutions stated, "It is our mission to be the best banking option for those organizations that are committed to delivering alternative payment solutions and through this expansion we have the ability to support those we work with on an international level. We are becoming a global payments organization dedicated to changing how the world transacts."
The transaction is subject to customary closing conditions, including the receipt of regulatory approvals in the US and Gibraltar and the approval of Transact Network stockholders. The transaction is expected to close by the end of the third quarter 2er 2012.