HPS introduced that it has agreed to accumulate CR2, a distinguished digital banking and funds software program firm headquartered in Dublin, Eire.
This strategic transaction underscores HPS‘s dedication to enhancing its digital banking and funds capabilities.
CR2, with workplaces in Dublin, Dubai, Jordan, India and Australia, is famend for its revolutionary digital banking and funds options. By its flagship platform, BankWorld, CR2 powers 90+ banks throughout greater than 50 international locations, providing a complete suite of digital banking, digital pockets and cost functionalities. As well as, CR2’s Associate Ecosystem combines the arrogance of BankWorld with entry to straightforward plug-in third-party fintech improvements.
HPS views CR2’s enterprise as extremely engaging and aligned with HPS’s AccelR8 strategic development plan. HPS believes there’s strategic synergy between the 2 companies, and that the events’ respective complementary software program and capabilities will assist current and new clients tackle their more and more complicated challenges. The transaction additionally consolidates HPS’s place as a pacesetter within the African market due to its presence within the French-speaking areas, to be complemented by CR2’s power in English-speaking Africa and Australia.
The acquisition marks an vital strategic milestone in HPS’s development journey because it continues to execute on its AccelR8 strategic plan. CR2 is predicted to contribute materially to HPS’s monetary efficiency by delivering new potential income alternatives in complementary markets. As well as, combining CR2’s digital banking options with PowerCARD will allow HPS to strengthen its worth proposition with present and new clients. The transaction is predicted to be EPS accretive within the first 12 months following completion, reflecting synergies anticipated to be realised. Within the 12 months to June 2023, CR2 generated revenues of €23.8 million.
Constructing on its profitable acquisitive track-record, together with the switching exercise in Morocco and the latest acquisitions of IPRC and ICPS, HPS continues to develop its world presence and strengthen its place as a number one consolidator within the world cost trade.
As we embark on this new chapter of development and innovation, HPS stays dedicated to delivering excellence in digital funds, whereas upholding the best requirements of integrity and customer support.
Abdeslam Alaoui Smaili
Commenting on the acquisition, Abdeslam Alaoui Smaili, Co-Founder and CEO of HPS, stated:
“Immediately marks a major milestone within the continued development of HPS. CR2 has a differentiated and thrilling functionality set, which is a robust match for HPS and provides vital depth and breadth to our platform. Each firms share a typical ardour for excellence in digital funds and for offering high-value options to clients. With related cultures valuing buyer focus and excessive efficiency, we imagine that HPS can be a superb residence for CR2 to thrive and ship long run development. On behalf of the HPS board, I stay up for welcoming all our CR2 colleagues as we be a part of forces to construct upon our sturdy momentum going ahead.”
Fintan Byrne
Fintan Byrne, CEO of CR2 commented
“We’re happy to be becoming a member of Abdeslam and the staff at HPS. Collectively, we share a wealth of expertise, a ardour for innovation and a relentless deal with buyer success. This transaction is a recognition of what the staff in CR2 have created and the chance inside our enterprise for future development. Importantly, it aligns with our continued worldwide scale ambition. With extra scale comes much more alternative to take a position and innovate. That is an thrilling time to be within the digital banking and funds know-how sector. Collectively, we stay up for repeatedly delivering for purchasers and all stakeholders with confidence.”
Evercore is serving as unique monetary adviser to HPS. Norton Rose Fulbright and Matheson LLP are serving as authorized advisers to HPS. The phrases of the acquisition usually are not being disclosed. The transaction is topic to customary regulatory circumstances and is predicted to shut within the coming months.
Featured picture credit score: edited from Unsplash
