Metavante Acquires Nomad Payments
Metavante Technologies has acquired London-based Nomad Payments, a provider of prepaid and debit card processing and licensed software. Nomad will now operate as Metavante Technologies. The acquisition is expected to add approximately 1% to Metavante’s 2008 revenue and have no significant impact on the company’s profitability in 2008. The purchase price was approximately £29m. The purchase of Nomad gives Metavante a European centre of operations. The company says that it sees significant market opportunities in areas such as financial institutions, retailers, government agencies, programme managers, open loop gift cards, professional organisations and affinity groups. TowerGroup estimates that by 2010, prepaid card usage will be €75bn, a 600% increase over 2005, and 375 million cards will be in circulation, a 1,000% increase.