Euronet Worldwide Inc. has acquired Romania-based Smart PayNetwork SA to expand its transaction processing for financial institutions in central and southeastern Europe, the e-payments provider announced Dec. 6.
PayNetwork operates 720 ATMs and 1,700 point-of-sale terminals, and it manages approximately 540,000 payment cards for Romanian financial institutions, Leawood, Kan.-based Euronet stated in a press release.
PayNetwork, a certified Visa Europe and MasterCard Worldwide card processor, processes approximately 15 million credit card transactions annually, Euronet stated.
Euronet anticipates the acquisition will generate approximately $3 million in revenue during the first year of ownership. PayNetwork employs 44 workers.
The acquisition boosts Euronet’s goal of obtaining more electronic payments business in Europe, Euronet President Kevin Caponecchi stated in the release.
“We are confident we can help our new customers expand their business through our portfolio of value-added services together with access to our independently owned ATMs deployed in some of the most convenient places in Romania,” Caponecchi added.
The PayNetwork acquisition announcement comes a week after Euronet received authorization from the Financial Service Authority in the United Kingdom to acquire ATM and credit card transactions throughout Europe (
