Metavante Buys UK Prepaid Card Firm Nomad
U.S payments processor Metavante Technologies has paid US$58 million for London, UK-based Nomad Payments, a provider of prepaid and debit card software and processing services.
Following the acquisition, Nomad will operate as Metavante Technologies, part of the Metavante International Group. The deal marks the second agreement between Metavante and a British firm in the last year. In July 2007, Metavante teamed up with Monitise, a UK-based mobile payments firm, to set up Monitise Americas . The joint venture provides m-banking and m-payment services to U.S. consumers. Nomad provides processing services for many different types of prepaid cards in Europe, including gift cards, money-share cards, and general-purpose prepaid cards that can be used as an alternative to a bank account. ôBuying Nomad gives Metavante the opportunity to establish a European center of operations, with a blue-chip client base, multi-currency capabilities, a high-volume processing platform, an existing business model, and an established European sales channel,ö Frank Martire, MetavanteÆs president and chief executive officer, says. Metavante says there are significant prepaid card market opportunities in Europe including financial institutions, retailers, government agencies, open-loop gift cards, professional organizations and affinity groups. Related Links
www.nomadpayments.com
www.nomadcortex.com
www.monitise.com/
www.metavante.com
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