HPS Completes the Acquisition of CR2 Limited

HPS (CSE: HPS), a leading global provider of payment software and solutions, is pleased to announce the completion of the acquisition of 100% of the issued share capital of Ireland-based CR2 Limited (“CR2”), following the satisfaction of all the relevant customary regulatory conditions. The acquisition of CR2 by HPS was first announced on 24 May 2024.

CR2, with offices in Dublin, Dubai, Jordan, India and Australia, is renowned for its innovative digital banking and payments solutions. Through its flagship platform, BankWorld, CR2 powers 90+ banks across more than 50 countries, offering a complete suite that integrates Digital Banking, Digital Wallet and Payments Solutions (including card issuing, ATM management and merchant acquiring). nI addition, CR2s’ Partner Ecosystem combines the reliability of BankWorld with easy access to plug-and- play third-party fintech innovations.

The acquisition marks an important milestone in HPS’s growth journey as it continues to execute on its AccelR8 strategic plan. CR2 is expected to contribute materially to HPS’s financial performance by delivering new revenue opportunities in complementary markets. By combining the strengths of BankWorld and PowerCARD, HPS is now even better positioned to offer its customers cutting-edge payment and digital banking solutions, enabling them to improve their competitiveness in a constantly evolving market.

The transaction is expected to increase HPS’s earnings per share in the first year following completion, reflecting expected synergies. In the 12 months to June 2023, CR2 generated revenues of €23.8 million.

In the short to medium term, CR2 is expected to contribute between €25 million and €30 million to HPS’s annual revenues. The transaction was financed by bank debt.

Evercore acted as exclusive financial adviser to HPS. Norton Rose Fulbright and Matheson LLP served as legal advisers to HPS.