Euronet purchases CoreCard for expansion in contemporary credit technology
Euronet Acquires CoreCard Corporation in $248 Million Stock-for-Stock Merger
Euronet, a leading real-time payments and cross-border financial technology company, has announced the acquisition of CoreCard Corporation, a credit technology and processing platform, in a stock-for-stock merger transaction valued at approximately $248 million.
The acquisition is a natural extension of Euronet's strategy to invest in scalable, high-margin businesses that align with long-term market trends. Euronet values and respects the work of CoreCard's employees and looks forward to their contributions to the company in the future.
CoreCard's domain expertise in credit processing enhances Euronet's service offering and strengthens its competitive positioning. The company's platform is renowned for its flexibility, speed of deployment, and modern architecture. Its cloud-native infrastructure supports dynamic use cases, enabling seamless integrations and rapid go-to-market timelines.
Upon completion, CoreCard's sophisticated credit card issuing and processing platform will be integrated into Euronet's REN ecosystem. Euronet plans to integrate CoreCard's platform with its own Ren architecture and global distribution network. This integration is expected to position Euronet as a leading modern card issuer and innovation partner for the next generation of digital finance.
The transaction is anticipated to be accretive in Euronet's first full fiscal year post-closing, reflecting the high-margin, recurring revenue profile of CoreCard's platform. The combined capabilities of Euronet and CoreCard are expected to enhance customer-centric design, improve speed-to-market, and offer a broader suite of solutions.
CoreCard Corporation has collaborated with banks and fintech companies by providing card issuing and payment processing solutions, enabling these institutions to offer debit, credit, and prepaid card products as well as integrated payment services. The company has partnerships with marquee companies, including Goldman Sachs and Coinbase.
Leland Strange, CEO of CoreCard, is excited about joining Euronet and bringing CoreCard's capabilities to a global stage. He believes this is a great outcome for the team and their shareholders. Michael J. Brown, Chairman and CEO of Euronet, expects the acquisition to be accretive in the first full year post-closing.
Stinson LLP, Kilpatrick Townsend & Stockton LLP, and Keefe, Bruyette & Woods, a Stifel Company, provided legal and financial advisory support for the transaction, respectively.
This merger marks a significant milestone in Euronet's transformation into a modern, platform-driven financial services provider. With the addition of CoreCard's capabilities, Euronet is poised to offer innovative and flexible financial solutions to its global client base.
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