12th Oct 2007 17:12
Datacash Group PLC12 October 2007 12th October 2007 DataCash Group Plc: DATA / Index: AIM / Sector: Support Services DataCash Group Plc ('the Company') DataCash Group plc, The AIM-listed Payment service provider, is pleased toupdate its announcement of October 4th and confirm that it has as of today, 12October 2007, completed the purchase of EuroCommerce Call Centre SolutionsLimited, a Dublin based PSP focused on the airline and travel sectors('EuroCommerce') The acquisition, the price for which comprises an upfront payment, a deferredpayment, and an earn-out element, is being funded from existing cash resources.The final price will be between Euro 4.2 million and Euro 8.7 million dependingon meeting earn-out criteria. In addition DataCash has lent Euro 4 million toEuroCommerce to enable it to repay a debt of that amount owing to one of thesellers. EuroCommerce is a small rapidly growing business providing payment processingservices to a number of airlines and web based travel booking companies,including two national carriers. While it is currently loss making, and isexpected to be loss making in 2008, the Board of DataCash is confident theadditional resources and products of the combined Group will enable the companybetter to address the huge opportunities within the global travel market. Inparticular, the integrations into the major travel booking systems and into moreinternational payment methods EuroCommerce brings should enable the Group tooffer more rapid access to these services to our existing client base. MeanwhileDataCash's existing, products, its scale and financial credibility should assistEuroCommerce's ability to take on additional clients in its specialist targetmarket. Ashley Head, Chairman of DataCash, said: "We are excited by the opportunitiesthat this acquisition creates. The global travel market is one of our key targetmarkets, and we believe that this acquisition will enable us to offer the mostcomprehensive product and service offering to this area of business." - END - For further information please contact: DataCash Group PLC Paul Burton Tel: +44 (0)870 72 74 76 0Finance Director E-mail: [email protected] David Bailey Tel: +44 (0)870 72 74 76 0Deputy Non-Executive Chairman E-mail: [email protected] Website: www.datacash.com About DataCash DataCash Group PLC (AIM: DATA), a market leading provider of payment processingsolutions, provides merchants with a single interface that allows them to process secure payments, both on and offline, anywhere in the world. DataCash also provides a range of value added services with its fraud and RiskManagement solutions supporting AVS/CV2, 3-D Secure (Verified by Visa andMasterCard Secure Code) together with traditional rules-based screening. DataCash provides first-class service reliability at a fraction of the price of an in-house solution, servicing clients within the retail, travel, telecommunications and gaming sectors. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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