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M2 Global to buy Altair

20 October 2009  |  2232 views  |  0 Source: M2 Global

M2 Global, Ltd (BSX:M2G) announced today that it has acquired UK-based Altair Technologies, Ltd and formed M2 Europe to manage the new company and solidify its presence in Europe as a leading prepaid debit card program manager and processor.

Altair is a specialist in prepaid card program design, implementation and management and the acquisition will further strengthen M2 Global's customer base and market position.

M2 Global is widely regarded as an experienced, flexible and secure prepaid card processing firm and will bring Altair's organization into the new M2 Europe. This move strengthens sales, marketing, customer support and account management for all of M2's clients and brings valuable resources close to key financial institutions, customers, suppliers and resellers.

Joel Harris, president of M2 Financial and the new CEO of M2 Europe, sees the acquisition as an important strategic building block to growing its customer base in Europe, the Middle East and Asia. "Under the M2 Europe banner, we look forward to the continued development and improvement of the prepaid card processing business. Altair's processing certifications, intellectual property and technical expertise will provide additional building blocks for future products and position us to address emerging opportunities in the rapidly growing global prepaid card market," said Mr. Harris.

Executives from both organizations see this as an opportunity to build stronger relationships with the global clients each represents. "The acquisition follows the repositioning of Altair Technologies and provides M2 Europe with the foundation required to thrive in the global prepaid card marketplace," said Lee Britton, founding partner of Altair.

M2 Europe and its sister company M2 Financial bring the combined strengths of technical expertise, customer support, product innovation and over 23 years of experience to the marketplace.

Financial details were not disclosed.

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