Dubai: German-based payment card company Wirecard has taken over Procard Services FZ LLC in Dubai, the company announced in a statement to the German TecDax stock exchange last week.
It did not disclose the purchase price. The deal took effect on January 13, company spokeswoman Iris Stoeckl said.
Procard Services specialises in services relating to electronic payment processing, credit card acceptance and the issuing of debit and credit cards for a regional customer portfolio.
The seller of Procard, Marwan Kheireddine, established the company in 2004 together with a number of regional partners. Kheireddine is the principal shareholder and CEO of Al Mawarid Bank.
Wirecard said that the takeover enabled it "to continue its strategy of intensifying its expansion by establishing key international locations in growth regions."
Integration
The contribution to earnings generated in Procard's fiscal year 2011 of approximately ¤1 million (Dh5 million) will be used primarily for integration purposes, Wirecard said.
For 2012, Wirecard expects that the acquired company will contribute approximately ¤1.5 million to the group's Ebitda (earnings before interest, taxes, depreciation and amortisation).
