DataCash Group, The AIM-listed Payment service provider, is pleased to update its announcement of October 4th and confirm that it has as of today, 12 October 2007, completed the purchase of EuroCommerce Call Centre Solutions Limited, a Dublin based PSP focused on the airline and travel sectors ('EuroCommerce').
The acquisition, the price for which comprises an upfront payment, a deferred payment, and an earn-out element, is being funded from existing cash resources. The final price will be between Euro 4.2 million and Euro 8.7 million depending on meeting earn-out criteria. In addition DataCash has lent Euro 4 million to EuroCommerce to enable it to repay a debt of that amount owing to one of the sellers.
EuroCommerce is a small rapidly growing business providing payment processing services to a number of airlines and web based travel booking companies, including two national carriers. While it is currently loss making, and is expected to be loss making in 2008, the Board of DataCash is confident the additional resources and products of the combined Group will enable the company better to address the huge opportunities within the global travel market. In particular, the integrations into the major travel booking systems and into more international payment methods EuroCommerce brings should enable the Group to offer more rapid access to these services to our existing client base. Meanwhile
DataCash's existing, products, its scale and financial credibility should assist EuroCommerce's ability to take on additional clients in its specialist target market.
Ashley Head, Chairman of DataCash, said: "We are excited by the opportunities that this acquisition creates. The global travel market is one of our key target markets, and we believe that this acquisition will enable us to offer the most comprehensive product and service offering to this area of business."