Teddy Sagi’s SafeCharge continues its 2014 shopping spree. After acquiring Israeli payment solutions company CreditGuard for $8 million earlier this month, it has just announced the acquisition of Ireland’s pre-paid solutions company 3V for $17 million.
The Acquisition is expected to be completed in January 2015.
The company says that 3V will become the foundation of SafeCharge’s card issuing activities through its new Issuing Division, accelerating the Group’s entry into this rapidly growing sector.
Commenting on the Acquisition, David Avgi, SafeCharge’s CEO, said: “The acquisition marks a further milestone in the execution of SafeCharge’s strategic plan to enter new product verticals and deliver innovative payment technologies. 3V enables us to gain fast-track entry into the rapidly expanding prepaid card issuance vertical and will provide the foundation of what will become a significant new division within SafeCharge.”
Established in 2004, 3V is a technology provider which specializes in tools for the effective issuing, processing and management of pre-paid card programmers. The company has developed proprietary systems that support both physical card programs and rapidly deployable mobile based open loop Virtual Cards, Gift Cards, and Virtual Vouchers for card not present transactions.
3V’s issuing technologies have been deployed in numerous countries, including Canada, Finland, Germany, Ireland, the Netherlands, Spain and the UK. The company boasts that it has managed industry leading and highly successful pre-paid programs for customers such as Visa Europe and mobile network operators O2/Telefonica, Orange and DNA. These programs include a virtual ticketing solution built for the 2012 Olympics for Visa Europe, O2 Money in Ireland, Orange Cash in Spain and gift cards which can be found in leading UK supermarkets.
In addition to its issuing products, the company has developed proprietary acquiring systems and technologies to enable merchants to accept cash online in a rapid and cost effective manner. These acquiring technologies use well-established settlement systems via a network of 70, 000 retail stores and partners. The company’s technologies are PCI Level 1 approved and it expects to be awarded Electronic Money Institution status by the Central Bank of Ireland in 2015.
The business is based in Dublin, Ireland and employs 56 people. For the financial year to 31 December 2013 3V generated revenues of $3.5 million and a net loss of $4 million with net assets of $3.1 million.