Euronet Worldwide, Inc., and Prosegur Cash Announce Joint Venture to Provide Comprehensive ATM Outsourcing Services to Latin ...
May 19 2021 - 5:00PM
Euronet Worldwide (NASDAQ: EEFT), a leading global financial
technology solutions and payments provider, and Prosegur Cash
(Spanish SE: CASH), a global Cash-In-Transit company with strong
leadership in Latin America markets, announces an alliance between
both parties through the establishment of a joint venture to
provide comprehensive ATM outsourcing services and to own and
deploy independent ATMs in the majority of the countries of Latin
America. The implementation of the alliance in the different
countries is subject, among others, to obtaining the relevant
authorizations from regulators, including, in particular, relevant
antitrust authorizations.
The joint venture will leverage Euronet’s REN™
and REV® payments technologies such as its cloud-based processing
and connections to domestic switches and bank hosts for
authorizations. Euronet also brings its extensive portfolio of ATM
driving solutions to the partnership for value added ATM
transaction services as well its advanced ATM fleet management
system.
Prosegur Cash will deliver established
relationships with banks throughout Latin America to the joint
venture along with experienced cash-in-transit services, first line
ATM maintenance, ATM cash forecasting abilities, and extensive
local market knowledge.
The combination of the two companies’ abilities
is well positioned for outsourcing in a market that supports
approximately 300,000 ATMs1. Beyond the outsourcing opportunities,
the joint venture also includes plans to own and deploy independent
ATMs in select locations.
In addition to the local market knowledge of
Prosegur Cash, Euronet also has first-hand experience with the
promotion of new financial services in Latin America through the
growth of its Ria Money Transfer and epay business segments in
recent quarters in the region.
“Prosegur Cash provides an immediate physical
presence for Euronet in Latin America that fits well with our
extensive experience in ATM deployment and management,” said Nikos
Fountas, Euronet EVP and CEO EFT Americas, Europe, Middle East and
Africa. “This joint venture will position us for rapid growth of
our ATM outsourcing and network participation agreement initiatives
as well as independent ATM placements that have served us well in
other parts of the world.”
“This is an ideal partnership considering the
abilities of each company,” said José Antonio Lasanta, CEO of
Prosegur Cash. “I am looking forward to how quickly we are able to
bring world-class ATM outsourcing services to the financial
institutions of Latin America and provide convenient access to cash
for the people of these regions because cash remains the consumers’
preferred means of payments and a critical element in these
domestic economies.”
The joint venture involves a 51 percent
investment from Euronet with Prosegur Cash investing 49 percent and
will be jointly controlled by both parties.
About Prosegur Cash
Prosegur Cash is a transport of valuables and
cash management company that covers the entire cycle of cash. With
more than 45,000 employees in 20 countries, in 2020 reported
revenues of EUR 1,508 million. Prosegur Cash is a global reference
with a leadership vocation. In addition, the company articulates
its social commitment by working on ten of the seventeen
Sustainable Development Goals of the United Nations, which are
those where it can have a positive impact. Prosegur Cash is listed
on the Spanish stock exchanges under the ticker symbol CASH.
For more information, please visit
www.prosegurcash.com
About Euronet Worldwide,
Inc.
Euronet Worldwide is an industry leader in
processing secure electronic financial transactions. The Company
offers payment and transaction processing solutions to financial
institutions, retailers, service providers and individual
consumers. These services include comprehensive ATM, POS and card
outsourcing services, card issuing and merchant acquiring services,
software solutions, cash-based and online-initiated
consumer-to-consumer and business-to-business money transfer
services, and electronic distribution of digital media and prepaid
mobile phone time.
Euronet's global payment network is
extensive - including 45,497 installed ATMs, approximately 349,000
EFT POS terminals and a growing portfolio of outsourced debit and
credit card services which are under management in 61 countries;
card software solutions; a prepaid processing network of
approximately 736,000 POS terminals at approximately 345,000
retailer locations in 60 countries; and a global money transfer
network of approximately 475,000 locations serving 159 countries.
With corporate headquarters in Leawood, Kansas, USA, and 66
worldwide offices, Euronet serves clients in
approximately 175 countries. For more information, please visit the
Company's website at www.euronetworldwide.com.
1 Source: RBR Global ATM Market and Forecasts to
2024
Media Contact:
Pablo de Santiago
Phone: +34.620.299.783
Email: media@prosegur.com
Stephanie Taylor
Euronet Worldwide, Inc.
Phone: +1-913-327-4200
Email: staylor@euronetworldwide.com
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