Ireland's PFS agrees deal to acquire part of Barclaycard
Payments technology firm Prepaid Financial Services (PFS) has acquired the physical prepaid card portfolio of Barclaycard in the UK.
Financial details regarding the deal were not disclosed.
PFS, which employs 134 people in Navan, will merge the portfolio onto its own platform.
CEO Noel Moran said: "We had been in discussion with Barclays regarding their physical prepaid cards and looking at opportunities to work together.
"In January, we agreed a deal whereby PFS acquired Barclays' portfolio and would work with Barclays to migrate clients off the existing prepaid platform and over to PFS.
"The deal will enable PFS to offer an enhanced service to existing and future payroll and corporate clients," Mr Moran added.
In February the group - whose products include e-wallets, prepaid cards, and current accounts - announced that it was hiring an additional 50 staff as part of a planned expansion programme.
The roles being created are in software development, engineering and data centre support.
Last year, PFS started to consider a stock market flotation after pre-tax profits hit £4.3m (€4.8m) in 2017 and revenue climbed to £45m (€50.5m).
The company expects to go for an initial public offering this year "in Q3 or Q4", Mr Moran said last month.
Mr Moran and his wife own more than 81pc of the group, whose partners include Mastercard and Visa.