EML Payments acquires Swedish company
9 February 2018, Written by Business News Australia
EML Payments has extended its reach into the Nordic and Baltic regions of Europe through its latest acquisition of Sweden-based Presend Prepaid Solutions (Presend Nordic AB).
The acquisition opens up EML Payments, a payments solutions provider, to six new international markets where the company has had little prior presence.
EML Payments specialises in payout cards for the gaming industry, as well as incentive cards, rewards cards and gift cards for retailers.
The company will make 90 new additions to its portfolio of shopping mall and town mall programs, and CEO Tom Cregan says the relationship with Presend, headed up by Jon Sederqvist Østmoe, will continue to be mutually valuable.
"We are pleased to welcome Jon and his company into the EML team," says Cregan.
"We jointly believe that Presend being part of EML opens up multiple avenues for growth through access to our expanded product range, which we believe will have strong application in the Nordic and Baltic markets where we previously had little presence."
The acquisition represents a low upfront cash purchase price of $1.6 million and a two-year earn out capped at $9.5 million, which is payable in shares.
EML Payments expects no earnings contribution in the current financial year and approximately $1m of incremental EBTDA in FY19.Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.
Business News Australia
Author: Business News Australia