HPS has acquired long-established Irish digital banking and payments software company CR2.
With offices in Dublin, Dubai, Jordan, India and Australia, CR2's flagship platform, BankWorld, is installed at 90+ banks across more than 50 countries, offering a suite of digital banking, digital wallet and payment functionalities. In the 12 months to June 2023, CR2 generated revenues of €23.8 million.
CR2 is expected to contribute materially to HPS’s financial performance by delivering new potential revenue opportunities in complementary markets. The transaction consolidates HPS’s position in the French-speaking African markets, complemented by CR2’s strength in English-speaking Africa and Australia.
The transaction is expected to be EPS accretive in the first year following completion, reflecting synergies expected to be realised.
Fintan Byrne, CEO of CR2, comments: "This transaction is a recognition of what the team in CR2 have created and the opportunity within our business for future growth. Importantly, it aligns with our continued international scale ambition. With additional scale comes even more opportunities to invest and innovate.”
The terms of the acquisition are not being disclosed.