HPS, a number one international supplier of software program and cost options, broadcasts the acquisition of CR2, a number one worldwide participant in digital banking and funds software program primarily based in Dublin, Eire. This strategic transaction underlines HPS’ dedication to strengthening its capabilities in digital banking and cost options, thereby consolidating its place as a world chief on this sector whereas persevering with to create worth for its prospects, companions, shareholders and others stakeholders.
CR2, with places of work in Dublin, Dubai, Jordan, India and Australia, is acknowledged for its progressive digital banking and funds options. By its flagship platform, BankWorld, CR2 serves greater than 90 banks in over 50 nations, providing a complete suite of banking, digital wallets and cost options. Moreover, CR2’s accomplice ecosystem combines the belief of BankWorld with entry to easy-to-integrate third-party fintech improvements.
HPS considers CR2’s actions to be very enticing and aligned with its strategic development plan, AccelR8. HPS believes that there are strategic synergies between the 2 corporations and that their complementary software program options and capabilities will assist new and present prospects handle more and more advanced challenges. The operation additionally consolidates HPS’s place as a frontrunner within the African market, due to its presence in French-speaking areas, complemented by the success of CR2 in English-speaking Africa and Australia.
The acquisition marks an necessary strategic milestone in HPS’s development journey, because it continues to execute on its strategic development plan, AccelR8. CR2 is predicted to contribute considerably to HPS’ monetary efficiency, offering new income alternatives in complementary markets. Moreover, combining CR2’s banking options with PowerCARD will allow HPS to strengthen the worth of its providing for present and new prospects. The transaction is predicted to be EPS accretive within the first 12 months following completion, reflecting the anticipated synergies. Within the 12 months to June 2023, CR2 generated income of €23.8 million.
Commenting on the acquisition, Abdeslam Alaoui Smaili, co-founder and CEO of HPS, stated: “As we speak marks an necessary milestone within the continued development of HPS. CR2 has a differentiated and thrilling set of capabilities which might be a fantastic match for HPS and add important depth and breadth to our platform. Each corporations share a standard ardour for excellence in digital funds and for offering excessive worth options to prospects. With comparable cultures valuing buyer focus and excessive efficiency, we imagine HPS might be a superb house for CR2 to thrive and ship long-term development. On behalf of the HPS Board of Administrators, I sit up for welcoming all of our CR2 colleagues as we be part of forces to proceed our sturdy momentum into the long run. »
Fintan Byrne, CEO of CR2, commented: “We’re delighted to hitch Abdeslam and the HPS workforce. Collectively, we share a wealth of expertise, a ardour for innovation and a relentless concentrate on our prospects’ success. This transaction is a recognition of what the CR2 workforce has created and the chance for future development inside our firm. Above all, it corresponds to our continued ambition on a world scale. Better scale will give us extra alternatives to speculate and innovate. We’re in an thrilling time to work within the digital banking and funds know-how sector. Collectively, we sit up for persevering with to fulfill the wants of our prospects and all stakeholders with confidence. »
Evercore is performing as unique monetary advisor to HPS for the transaction. Norton Rose Fulbright and Matheson LLP are performing as authorized counsel to HPS. Phrases of the acquisition aren’t disclosed. The transaction is topic to customary regulatory situations and is predicted to be finalized within the coming months.
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– 2024-05-28 01:00:13
