HPS (CSE: HPS), a Moroccan firm and a leading global provider of payment software and solutions, has announced the completion of its acquisition of 100% of the share capital of CR2 Limited, an Irish company specializing in digital banking and electronic payment solutions. The deal was finalized following the clearance of applicable regulatory conditions.
The acquisition, initially announced on May 24, 2024, marks a significant milestone in HPS’s growth strategy, known as AccelR8. CR2, headquartered in Dublin with offices in Dubai, Jordan, India, and Australia, is renowned for its flagship platform, BankWorld, which serves over 90 banks across more than 50 countries. BankWorld provides a comprehensive suite that includes Digital Banking, Digital Wallet, and Payment Solutions (card issuance, ATM management, and merchant acquisition). Additionally, CR2’s partner ecosystem enhances BankWorld’s reliability with easy access to third-party fintech innovations.
This acquisition is expected to significantly bolster HPS’s financial performance by opening up new revenue opportunities in complementary markets. By combining the strengths of CR2’s BankWorld platform with HPS’s PowerCARD, the company is now better positioned to deliver cutting-edge payment and digital banking solutions, helping clients stay competitive in an ever-evolving market.
The transaction is projected to increase HPS’s earnings per share within the first year, reflecting the anticipated synergies. CR2 generated €23.8 million in revenue in the 12 months leading up to June 2023, and is expected to contribute €25 to €30 million annually to HPS’s revenue in the short to medium term. The acquisition was financed through bank debt.
Evercore served as the exclusive financial advisor to HPS, while Norton Rose Fulbright and Matheson LLP provided legal counsel.
