Euronet Worldwide Inc., an electronic payments provider, yesterday announced the acquisition of Smart PayNetwork S.A. (PayNet). PayNet provides integrated ATM outsourcing services, card issuing and acquiring and POS merchant servicing solutions to financial institutions in Romania.
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.
"The acquisition of PayNet, combined with our recent deployment of the first independently owned ATM networks in Romania, demonstrates Euronet's continued focus on exciting growth opportunities in this market," said Nikos Fountas, senior vice president and managing director, Europe EFT processing segment, Euronet.
According to a company press release, the PayNet acquisition will generate revenues of approximately $3 million in the initial year of ownership.
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