SafeCharge to bolster payments portfolio with 3V acquisition
Payments firm, part-owned by Teddy Sagi, strikes 14.5m deal for pre-paid card issuing business
Payments solutions provider SafeCharge is to bolster its product portfolio and launch a pre-paid card issuing division with the purchase of 3V Transaction Services.
SafeCharge, part-owned by Playtech founder Teddy Sagi, has entered into definitive agreements to acquire 100% of the issued share capital of 3V for a consideration of 14.5m.
A total of 11.6m is payable on completion of the deal, expected next month, with the remaining balance payable over three years.
SafeCharge said the deal was “strategically significant” as it will power a new pre-paid card issuing division, with 3V becoming the foundation of the business unit.
“The acquisition marks a further milestone in the execution of SafeCharge’s strategic plan to enter new product verticals and deliver innovative payment technologies,” David Avgi, chief executive at SafeCharge, said.
“3V enables us to gain fast-track entry into the rapidly expanding prepaid card issuance vertical and will provide the foundation of what will become a significant new division within SafeCharge,” he added.
Since floating on London’s Alternative Investment Market (AIM) in March this year SafeCharge has penned payments provision deals with a number of egaming operators including the likes of Ladbrokes and Rank Group.