Irish FinTech company PerfectCard confirms its sale to Australia’s EML for €6m
Irish FinTech company PerfectCard has been sold to Australian payment solutions provider EML Payments in a €6m deal.
PerfectCard provides incentive and corporate expense solutions including PerfectIncentive and the recently-launched Pecan Expense.
The acquisition will result in the expansion of PerfectCard in Ireland, with plans to increase the number of full-time employees over the next few years, the company said.
Under the deal EML has acquired 75pc of PerfectCard, having received Central Bank approval for the transaction in the past two weeks.
Commenting on the announcement, Nikki Evans, CEO of PerfectCard, described it as an important move for both companies.
"It allows EML to self-issue regulated payment products across the EU and gives them access to our innovative expense and corporate incentive solutions that they can grow in their existing markets," Ms Evans said.
"For us at PerfectCard, it will accelerate our growth and has opened up a huge amount of opportunities – for both the company and its employees."
Established in 2011, EML operates in 21 countries, with offices in Kansas, Stockholm, Brimingham and now Ireland. In its last financial year, it processed AU$6.7bn (€4bn) transactions and has a market capitalisation of AU$400m (€247m).
The companies also announced that PerfectCard’s base in Galway will now become EML’s global hub for technology and innovation.
The expected growth in the business will result in an increase in employment in Galway over the next two years.
Ms Evans will remain in her role as CEO of PerfectCard and will assume responsibility for EML European Issuing.