Euronet Worldwide buys Romanian ATM outsourcing and card company PayNet

Electronic payments provider Euronet Worldwide has acquired Romanian Smart PayNetwork (PayNet), which provides ATM outsourcing services, card issuing and acquiring and POS merchant servicing solutions to financial institutions in Romania. The value of the deal was not disclosed, but the PayNet acquisition is expected to generate revenues of approximately USD 3 million in the initial year of ownership together with cash earnings of approximately one cent per share, according to Euronet.

With 44 employees, PayNet operates 720 ATMs and 1,700 POS terminals and manages approximately 540,000 cards. PayNet processes approximately 15 million card transactions annually and is a certified VISA and MasterCard service provider. This is not the first acquisition for Euronet in Romania. In 2007 it took over Brodos Romania, a company which specializes in electronically recharging pre-paid mobile telephony cards. Euronet's global payment network includes 12,668 ATMs, approximately 53,000 EFT POS terminals and a growing portfolio of outsourced debit and credit card services which are under management in 32 countries. editor@romania-insider.com (photo source: Sxc.hu)