Mergers and Acquistions News
Categories: Software
August 19th 2010, 16:59PM
A major US credit card company has agreed to purchase single-software interface creator DataCash Group Plc, which could interest those looking at mergers and acquisitions.
MasterCard Inc has announced that it will acquire the British firm for approximately £333 million in order to grow its ecommerce business.
The credit card company revealed that it will offer 360 pence per share – more than 53 per cent higher than DataCash's closing price of 234 pence.
Ajay Banga, chief executive of MasterCard, said that the deal would increase the company's access to new markets.
He said: "The acquisition of DataCash will expand our already significant e-commerce merchant gateway presence in Asia and Australia to European countries and other high-growth, emerging markets worldwide."
The news follows MasterCard's strong second quarter growth in the Asia Pacific, Middle East and Africa (APMEA) region, with gross dollar volume rising 17.8 per cent, purchase transactions increasing 16.4 per cent and cash transactions leaping 32.1 per cent.
Vicky Bindram, president of the MasterCard Worldwide's APMEA arm, claimed that the firm's market segmentation has already strengthened the firm's competitive position. 
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