Pecan Expense is now part of EML Payments

Oct 22, 2018

We are delighted to confirm our owner's, PerfectCard, sale to Australian payment solutions firm EML Payments in a €6m deal which is a major move for both companies. News of the new deal has been making Irish national headlines over the weekend with coverage by The Sunday Business Post and, today, you can read all about it in and the Irish Independent

The acquisition will result in the expansion of PerfectCard in Ireland, with plans to increase the number of full-time employees over the next few years.

The transaction, which sees EML acquire 74.86 per cent of PerfectCard in a deal worth more than $9.5m (€6m), received Central Bank approval in the past two weeks.

PerfectCard DAC was Ireland’s first authorised eMoney institution and it is regulated by the Irish Central Bank.

Established in 2011, EML is a payment solutions company listed on the Australian Securities Exchange. Headquartered in Brisbane, EML now operates in 21 countries, with offices in Kansas City, Stockholm, Brimingham (UK) and now Ireland. In its last financial year, EML processed AU$6.7b and has a market capitalisation of AU$400m.

Nikki Evans, CEO of PerfectCard DAC, said:

“The deal is an important move for both PerfectCard and EML. It allows EML to self-issue regulated payment products across the EU and gives them access to our innovative expense and corporate incentive solutions that they can grow in their existing markets. For us at PerfectCard, it will accelerate our growth and has opened up a huge amount of opportunities – for both the company and its employees.

“What attracted EML to PerfectCard was the fact that we are regulated in the European Union and our ability to innovate and build new products, which we have proven through PerfectIncentive and Pecan Expense.”

Tom Cregan, CEO and Managing Director at EML Australia, said:

“We are delighted to have acquired a majority interest in PerfectCard. We have grown internationally by acquisition and in every case we look for companies with a track record of success, a great team and a leader or founder who wants to sell their business and end that first part of the journey, and then join us for the next part of the journey as we become truly global.

“We think PerfectCard exemplifies all of those things, Nikki and her team are great to have on board and we’re going to be working on some exciting initiatives in Europe in the years to come.”

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