Systems@Work, incorporated in 2000, is a technical payment service provider for merchants and banks in East Asia under its brand TeleMoney.
The purchase price consists of a cash payment of EUR34m and two earn out-componants, dependant on the operational profit of the purchased company in the years 2012 and 2013 that can amount upto EUR13m.
The acquisition is expected to contribute EUR4.5m to Wirecard’s consolidated operational earnings before interest, taxes, depreciation, and amortization (EBITDA) in 2012.
Wirecard CEO Markus Braun said that with this transaction they strengthen their position in East Asia and grow their regional customer portfolio further. Systems@Work’s approach to rely primarily on Internet technologies for payment processing matches their own strategy.
