Euronet Worldwide buys Aussie currency conversion payment co.

Jan. 8, 2013

Leawood, Kans.-based IAD and electronic payments provider Euronet has announced its acquisition of Pure Commerce, a provider of cloud-based financial and payment solutions to banks, acquirers and retailers around the world.

Headquartered in Sydney, Australia, Pure Commerce provides a range of currency conversion payment and multicurrency acquiring services for ATMs in locations with high foreign card volumes, mostly across Asia Pacific and Europe — as well as for POS terminals and online applications.

The acquisition of Pure Commerce allows Euronet to offer currency conversion and multicurrency acquiring products to banks, retailers, and global, local and online merchant acquirers. The deal also extends Euronet's operating markets, the company said in a press release about the Pure Commerce purchase. New York City-based global securities and investment banking firm Jefferies & Co. served as an advisor to Pure Commerce in the transaction with Euronet.

The Pure Commerce management team brings significant experience in the rapidly growing cloud-based on-demand financial payment and solutions market, Euronet said. Current customers include major international banks, merchant acquirers and global merchants. 

Current Pure Commerce CEO Daniel Lavecky will continue to run the company, which produced about $15 million in revenue for 2012, and has grown at a compounded annual rate of approximately 30 percent in the last three years. 

"I am very excited to join the Euronet group of companies," Lavecky said. "The combined strength of Euronet and Pure Commerce should enable us to accelerate our growth in this expanding and exciting service category."

For more on this topic, visit the transaction processing research center.

Topics: Distributors / ISO / IAD , Transaction Processing

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