Wirecard AG acquired Procard Solutions FZ LLC.

Grasbrunn/Munich, February 17, 2011; Efficient as at January thirteen, 2011 Wirecard AG acquired Procard Solutions FZ LLC, headquartered in Dubai, United Arab Emirates. The vendor, Marwan Kheireddine, set up the business in 2004 along with numerous regional online payment gateway partners. Kheireddine will be the principal shareholder and CEO from the Lebanese Al-Mawarid Financial institution s.a.l.. The events agreed to not disclose the acquisition cost.

Procard Solutions is specialised in solutions associated with digital fee processing, charge card acceptance and also the issuing of debit and charge cards, and also the business features a regional consumer portfolio.

This takeover allows Wirecard AG to carry on its technique of intensifying its growth by setting up important worldwide places in development areas.

Additional advantages in using more than Procard would be the acquisition of each a regionally entrenched administration along with a group of employees members specifically skilled within the area of fee processing. By becoming a member of forces with workers of Wirecard AG, this may intensify the company鈥檚 extension in regional conditions.

Procard Solutions FZ LLC features a state-of-the-art specialized system at its disposal. It may be taken for granted the integration in to the Wirecard system and also the extension of complementary regional functionalities will create extra specialized synergy results within the program of time.

The contribution to earnings created in fiscal 2011 within the quantity of a minimum of roughly one.0 million euros will predominantly be utilized for integration functions. For 2012 Wirecard expects the acquired business will lead roughly one.five million euros towards the EBITDA from the Team.


About Wirecard AG:
Wirecard AG is one from the leading worldwide providers of digital fee and risk administration solutions. Worldwide, the Wirecard Team supports more than 11,000 companies from various industry segments in their efforts to automate their fee processes and minimize cases of default. Wirecard Financial institution AG is a Principal Member of Visa, MasterCard and JCB and operates as a charge card acquirer in 69 countries credit card processing gateway around the world, involving more than 100 transaction currencies and 15 payout currencies. Part from the Wirecard Team, Wirecard Financial institution provides innovative solutions within the fields of corporate banking, prepaid and co-branded cards, along with account products for each business and private customers. Wirecard AG is listed on the Frankfurt Securities Exchange (TecDAX, ISIN DE, WDI).



Reference:
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