Wirecard acquires Dubai's Procard
22 February 2011 | 4046 views | 0
Effective as at January 13, 2011 Wirecard AG acquired Procard Services FZ LLC, headquartered in Dubai, United Arab Emirates. The seller, Marwan Kheireddine, established the company in 2004 together with a number of regional partners. Kheireddine is the principal shareholder and CEO of the Lebanese Al-Mawarid Bank s.a.l.. The parties agreed not to disclose the purchase price.
Procard Services is specialized in services relating to electronic payment processing, credit card acceptance and the issuing of debit and credit cards, and the company has a regional customer portfolio.
This takeover enables Wirecard AG to continue its strategy of intensifying its expansion by establishing key international locations in growth regions.
Additional benefits in taking over Procard are the acquisition of both a regionally entrenched management and a team of staff members specially experienced in the field of payment processing. By joining forces with employees of Wirecard AG, this will intensify the company's extension in regional terms.
Procard Services FZ LLC has a state-of-the-art technical platform at its disposal. It can be taken for granted that the integration into the Wirecard platform and the extension of complementary regional functionalities will generate additional technical synergy effects in the course of time.
The contribution to earnings generated in fiscal 2011 in the amount of at least approximately 1.0 million euros will predominantly be used for integration purposes. For 2012 Wirecard expects that the acquired company will contribute approximately 1.5 million euros to the EBITDA of the Group.