Net­work In­ter­na­tional ac­quires Emerg­ing Mar­kets Pay­ments

The Pak Banker - - COMPANIES/BOSS -

DUBAI: Net­work In­ter­na­tional (the com­pany), a lead­ing pay­ment so­lu­tions provider in the Middle East and Africa, on Wed­nes­day an­nounced it has agreed to ac­quire Emerg­ing Mar­kets Pay­ments (EMP) from emerg­ing mar­kets pri­vate equity in­vestor, Ac­tis. This is the first ac­qui­si­tion made by Net­work In­ter­na­tional since War­burg Pin­cus and Gen­eral At­lantic in­vested in the com­pany in De­cem­ber 2015. Fi­nan­cial terms of the trans­ac­tion were not dis­closed.

EMP has an ex­ten­sive foot­print in the Middle East and Africa (MEA), serv­ing more than 35,000 re­tail­ers and 130 banks and pro­cess­ing over nine mil­lion ac­counts. EMP has four key busi­ness lines in­clud­ing bank pro­cess­ing, mer­chant ac­quir­ing, re­tailer pro­cess­ing, and ATM ser­vices. The com­pany serves a full range of card schemes in­clud­ing Visa, MasterCard, Amer­i­can Ex­press, Din­ers Club, and China UnionPay. Ab­dulla Qassem, Chair­man of Net­work In­ter­na­tional, said: "We are de­lighted to an­nounce our strate­gic in­vest­ment in EMP. To­gether, Net­work In­ter­na­tional and EMP will be the clear mar­ket leader across the Middle East and Africa with pres­ence across 71 coun­tries. Com­bined, we have an even greater op­por­tu­nity to con­tinue to grow our foot­print across the GCC and wider MEA re­gion and pro­vide in­dus­try-lead­ing ser­vice to our mer­chant, bank and card pro­cess­ing part­ners as the in­dus­try con­tin­ues to con­sol­i­date. We look for­ward to wel­com­ing the EMP team to our busi­ness as we con­tinue along this ex­cit­ing growth path."

Bhairav Trivedi, CEO of Net­work In­ter­na­tional, said: "The com­bined strength of Net­work In­ter­na­tional and EMP creates an undis­puted re­gional pay­ments gi­ant with a com­bined rev­enue five times larger than our clos­est com­peti­tor. Our ac­qui­si­tion of EMP will en­able us to ef­fec­tively ser­vice over 170 banks as clients and more than 70,000 mer­chants across the MEA.

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