Independent corporate advisory, Acuity Advisors, has acted as exclusive corporate finance advisor to 3V Transaction Services Limited.
Acuity Advisors has secured the cross border sale of 3V Transaction Services Limited to SafeCharge International Group Limited, the AIM listed global provider of payments services, risk management and IT solutions for online businesses, for a total consideration of €14.5 million.
3V was established in 2004 and the management team have built the business into a worldwide leader in the alternative payments market, with a proven and globally deployed platform incorporating both issuing and acquiring technologies. The business is based in Blackrock, Dublin, employs 56 staff and has been supported by leading venture capital firms including Balderton Capital and Atlas Venture.
The acquisition is a strategically significant milestone for SafeCharge as 3V will enable SafeCharge to gain fast-track entry into the rapidly expanding prepaid card issuance sector and will form the foundation of SafeCharge’s new Issuing Services division. This will enable SafeCharge to leverage its issuing status with MasterCard, digital wallet and the PAY.com brand. The acquisition of 3V also expands SafeCharge’s global footprint from Israel, Cyprus, Bulgaria, Germany, Austria and the UK to now include Ireland.
The alternative payments market is a rapidly expanding sector, forecast to account for 59% of all global online transactions by 2017. Pre-paid cards are one of the fastest growing payment types in Europe with market growth estimated at around 21% per annum. This expansion is driven by a combination of factors, including the growth in online shopping for goods and services, the proliferation of smart phone devices and user concerns over anonymity and security coupled with merchants’ desire for efficiency and control.
Kieron Guilfoyle, 3V’s Chief Executive, commented: “Acuity bring a personal service to the process acting almost as one of the management team at a time when objectivity is paramount. We found them to be practical, insightful and strategic at all the right times in the process. Their ability to simplify the proposition, then identify and engage less obvious prospects shows a keen understanding of how a business sales process should be directed and run. They delivered….10 out of 10.”
Marcus Allchurch, partner at Acuity Advisors, who led the process, commented: “It has been a pleasure to work with 3V and its team on this stand-out transaction in the global alternative payments space. I am delighted that we have delivered a strategic value for the business which reflects the hard work, ingenuity and commitment of its team over the last ten years.”
Acuity has a strong corporate advisory track record in the FinTech space, having previously advised on the sale of YourWealth.co.uk and its Money Hub app technology to Momentum UK, part of MMI Holdings Ltd, one of the largest financial services groups in South Africa; the sale of Intelligent Retail to Australian-based 3Q Holdings; and assisting enterprise SaaS provider, Amplience, on its successful fundraising.
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