US based MasterCard Inc Friday concluded its UK investment, terming it as significant in terms of the increase effect it will have on the firm’s existing e-Commerce merchant gateway presence in Asia and Australia to European countries and other high-growth, emerging markets worldwide. The conclusion marks the end of MasterCard’s push for the UK firm, coming just months after it was first announced.
In the announcement, MasterCard Incorporated reiterated it had done the acquisition of the UK’s DataCash Group plc, at a price of 360 pence per share in cash, representing 334 million pounds, about US$526 million, in total. On August 19th MasterCard said it had entered into an agreement to acquire DataCash.
Other than the acquisition of DataCash expanding MasterCard’s existing e-Commerce merchant gateway presence in Asia and Australia to European countries and other high-growth, emerging markets worldwide; the move as well allows MasterCard to provide new services to acquiring customers and drive increased e-Commerce penetration in both existing and new markets.
As a leading global payments company, MasterCard Worldwide is at the heart of commerce and serves as a franchisor, processor and advisor to the payments industry. The firm makes commerce happen by providing a critical economic links amongst financial institutions, governments, businesses, merchants, and cardholders worldwide.
In 2009, $2.5 trillion in gross dollar volume was generated on its products by consumers around the world. Powered by the MasterCard Worldwide Network, the fastest payment processing network in the world, MasterCard processes over 22 billion transactions yearly and has the capacity to handle 140 million transactions per hour.
MasterCard advances global commerce through its family of brands, including MasterCard, Maestro, and Cirrus; its suite of core products such as credit, debit, and prepaid; and its innovative platforms and functionalities, such as MasterCard PayPas™ and MasterCard inControl™.
Founded slightly over a decade ago by partners Gavin Breeze and Dave MacRae, DataCash was begun as a limited company to provide outsourced payment services. The company was floated on AIM in March 2000 and has shown impressive growth over the years.
In 2006 DataCash Group plc acquired ProcCyber Services Ltd and the enlarged group was re-listed on AIM on the 1st June 2006. Today DataCash has grown to provide Merchants with a global gateway to secure multi-channel payment processing and fraud prevention. Its acquisition now adds to the MasterCard’s global business offering, spanning almost all continents with operations in a majority of countries.
Tags: FDI UK, Finance Companies, Finance investment, Finance news, Finance UK, foreign investment in Finance, Foreign Investment UK, investment news UK, investments UK, UK investment
