MasterCard (NYSE: MA) today announced that it has completed the acquisition of Provus Bilişim Hizmetleri A. Ş. ("Provus"), Turkey's leading independent payment solution and processing provider.
The acquisition will build on MasterCard's strategy of increasing its processing presence in high-growth markets and deliver superior processing solutions and innovative value added services for both financial institutions and customers in the emerging prepaid and mobile payments space.
Founded in 2001 and headquartered in Istanbul, Provus's customer base includes financial institutions, telecommunication service providers and retailers. Provus's payments solutions business includes issuer and acquirer processing, prepaid solutions and ATM processing services.
Commenting on the acquisition, Javier Perez, President MasterCard Europe said: "The acquisition of Provus enables MasterCard to continue developing innovative solutions to add value to our customers, and increases our processing presence in Europe. Turkey continues to be a very exciting and growing market and this acquisition provides an important platform that will enable us to not only serve customers locally but also to continue to deliver innovative payment solutions across the region."
Tunc Dasar , CEO, Provus said: "Today's announcement represents an exciting new chapter for our business, which has been delivering cutting edge payment solutions and processing services for both traditional and non-traditional customers in Turkey. We look forward to the future as part of the MasterCard family and are focused on delivering innovation in payment solutions and processing to the widest possible audience."
Terms of the deal were not disclosed.