News

PaySpot buys top-up provider

January 5, 2004

LEAWOOD, Kan. - PaySpot, Inc., a subsidiary of Euronet Worldwide, Inc. (Nasdaq: EEFT) that provides prepaid services in the United States, has acquired 100 percent of the shares of Prepaid Concepts, Inc., a California corporation which sells prepaid services via point-of-sale terminals.

According to a news release, Precept provides several types of prepaid products, with a strong presence in independent wireless stores and check-cashing retail channels. Precept distributes prepaid services through a network of approximately 4,500 retail locations, all of which have electronic distribution of prepaid services via POS terminals.

Precept distributes prepaid products for all the major U.S. wireless carriers, including ALLTEL, AT&T Wireless, Cingular, T-Mobile, Tracfone and Verizon Wireless, as well as several regional carriers.

The shares of Precept were purchased with a combination of cash, debt and Euronet stock. Euronet expects that Precept will contribute approximately three cents to five cents per share to its fully diluted earnings per share for the year 2004, according to the release.

PaySpot was launched in 2002 and uses a technology platform based on Euronet's proprietary technology, which includes a switching engine offering billing, customer service, trouble reporting, credit management, settlement and reconciliation.

PaySpot has partnered with several ATM manufacturers and distributors, including Tidel and Triton, to offer prepaid phone top-ups at ATMs.