Metavante has acquired Nomad Payments Limited, a London-based provider of pre-paid and debit card processing software and services, for approximately $58 million.
Nomad was established in 1991 as a card payments software provider and added its payment services division on 2005. The firm's debit and pre-paid card processing clients include the Bank of Ireland, Clydesdale Bank, Newcastle Building Society and Tuxedo Money Solutions, while licensed software clients include Poland's Bank Zachodni WBK ING Ukraine and Romania and EFG Eurobank.
Metavante - which was spun-off from US bank Marshall & Ilsley (M&I) last year - says Nomad will operate as part of its international group.
"Acquiring Nomad presents Metavante International Group with the opportunity to establish a European centre of operations, with a blue-chip client base, multi-currency capabilities, high volume processing platform, proven business model and an established European sales channel," says Frank Martire, Metavante president and CEO.
Metavante says the deal will also enable it offer its own services - such as closed loop and loyalty programmes and fraud monitoring - to the UK and European markets.
The acquisition will add approximately one percent to Metavante's 2008 revenue and have no significant impact on profitability, says the US vendor.