Sydney-based Cards etc, the developer of the Arterium transaction infrastructure management system for multi-application smart cards, has finalised a funding round worth $16 million. Citicorp Equity Capital acted as lead manager for the raising which involved investment from existing shareholders Citigroup and First Data Corp.
Michael Walters, CEO of Cards etc, says over the past 12 months, the company has more than doubled in size and the current business plan envisages similar growth over the next 12-24 months. "We plan to open a number of new offices to help us more effectively service our global clients. We will also continue to invest heavily in our Sydney-based research and development centre," he says.
According to Paul McClean, managing director of Citicorp's local private equity business, Citicorp's new investment was based on Cards etc's success in implementing a growth-focussed business plan and on the strong prospects for the smart card sector.