Business
Euronet Worldwide, Inc., and Prosegur Cash Announce Joint Venture to Provide Comprehensive ATM Outsourcing Services to Latin America
LEAWOOD, Kan., and MADRID, May 19, 2021 (GLOBE NEWSWIRE) -- Euronet Worldwide (NASDAQ: EEFT), a leading global financial technology solutions and payments
About this update from Euronet Worldwide, Inc.
[{"type":"text","content":"LEAWOOD, Kan., and MADRID, May 19, 2021 (GLOBE NEWSWIRE) -- Euronet Worldwide (NASDAQ: EEFT), a leading global financial technology solutions and payments provider, and Prosegur Cash (Spanish SE: CASH), a global Cash-In-Transit company with strong leadership in Latin America markets, announces an alliance between both parties through the establishment of a joint venture to provide comprehensive ATM outsourcing services and to own and deploy independent ATMs in the majority of the countries of Latin America. The implementation of the alliance in the different countries is subject, among others, to obtaining the relevant authorizations from regulators, including, in particular, relevant antitrust authorizations. The joint venture will leverage Euronet’s REN™ and REV® payments technologies such as its cloud-based processing and connections to domestic switches and bank hosts for authorizations. Euronet also brings its extensive portfolio of ATM driving solutions to the partnership for value added ATM transaction services as well its advanced ATM fleet management system. Prosegur Cash will deliver established relationships with banks throughout Latin America to the joint venture along with experienced cash-in-transit services, first line ATM maintenance, ATM cash forecasting abilities, and extensive local market knowledge. The combination of the two companies’ abilities is well positioned for outsourcing in a market that supports approximately 300,000 ATMs1. Beyond the outsourcing opportunities, the joint venture also includes plans to own and deploy independent ATMs in select locations. In addition to the local market knowledge of Prosegur Cash, Euronet also has first-hand experience with the promotion of new financial services in Latin America through the growth of its Ria Money Transfer and epay business segments in recent quarters in the region. “Prosegur Cash provides an immediate physical presence for Euronet in Latin America that fits well with our extensive experience in ATM deployment and management,” said Nikos Fountas, Euronet EVP and CEO EFT Americas, Europe, Middle East and Africa. “This joint venture will position us for rapid growth of our ATM outsourcing and network participation agreement initiatives as well as independent ATM placements that have served us well in other parts of the world.” “This is an ideal partne...