US electronic payment processor TSYS has acquired UK-based Card Tech Limited, a privately-owned provider of card management software, for an undisclosed sum.
TSYS says the acquisition adds valuable new issuing and acquiring capabilities to its business and significantly extends its geographic reach to markets in the Asia Pacific, Europe, the Middle East and Africa.
Established in 1989 Card Tech is a London-based payments firm that has implemented its software at six of the 25 largest global banks and three of the largest global card issuers. Worldwide the company has approximately 190 clients in 70 countries - primarily banks. The company also operates service centres in London, Dubai, United Arab Emirates, Cyprus and Malaysia.
TSYS says the all-cash transaction closed today and the unit will be known as TSYS Card Tech going forward.
Commenting on the acquisition, M Troy Woods, president and chief operating officer of TSYS, says: "With TSYS Card Tech, we have established a truly global footprint with capabilities to provide server-based issuing and acquiring services for small- and mid-sized financial institutions in almost any market."
Jaffar Agha-Jaffar, a founding partner of Card Tech will continue to serve as managing director of TSYS Card Tech after the acquisition, reporting to Bruce Bacon, group executive for international services at TSYS.