ATLANTA & DUBLIN, Ireland--(BUSINESS WIRE)--April 28, 2004--NOVA
Information Systems (NOVA), a subsidiary of U.S. Bancorp (NYSE:USB - News),
today announced that a European-owned affiliate of NOVA has entered into a definitive
agreement for the purchase of the remaining 50 percent shareholding position
of euroConex Technologies Ltd (euroConex) from Bank of Ireland. EuroConex will
become a wholly-owned subsidiary of the NOVA affiliate.
EuroConex provides debit and credit card processing services to merchants,
directly and through alliances with banking partners in the European market.
In addition, euroConex provides a range of multi-currency solutions including
Dynamic Currency Conversion (DCC), delivering a scalable and flexible model
for cross-border acquiring. Over the last three years, euroConex has achieved
strong growth in Ireland and the UK and has established a significant presence
in selected European markets.
The alliance between euroConex and Bank of Ireland has been a successful
example of the efficient outsourcing of a merchant card payment acceptance
services. Bank of Ireland will maintain their card scheme sponsorship of euroConex
for merchant acquiring for the continued growth and development of their merchant
"The euroConex model of forming alliances with financial institutions and
European payment processors has proven to be beneficial for all parties,"
said Billy Saunderson, Chief Executive Officer, euroConex. "As a result, we
are able to better deliver solutions and services tailored to address domestic,
intra-regional and international market needs."
"This transaction is a significant milestone in NOVA's strategy to become
a major pan-European payment processor, through our euroConex affiliate,"
said Edward Grzedzinski, CEO, NOVA Information Systems and Chairman, euroConex.
"EuroConex's growth objectives are strategically aligned with NOVA's proven
model of expansion in the US; this investment reflects the confidence and
commitment of both companies to our ongoing success."
euroConex Technologies, Ltd, is a joint venture of U.S. Bancorp (NYSE:USB
- News) and Bank of Ireland. euroConex is headquartered in Ireland with two
locations, at the IDA Business Park, Arklow, Co. Wicklow and Cherrywood, in
south Dublin. The company provides an integrated payments processing service
to financial institutions and merchants in Ireland, the UK and in selected
European markets using a multi-currency platform. In addition to POS, IPOS
and eCommerce solutions, euroConex also provides a range of specialist multi-currency
products including Dynamic Currency Conversion (DCC). For more information
NOVA Information Systems, a leader in the payment processing industry, is
a wholly owned subsidiary of U.S. Bancorp (NYSE:USB - News). NOVA partners
with financial institutions, independent sales organizations, associations,
government agencies and community banks to offer integrated payment processing
services to their merchants and retailers. NOVA's products include credit
and debit card processing services, software applications, electronic check
conversion, gift card solutions and other value-added services to more than
650,000 merchant locations in the United States and Europe. For more information
NOVA Information Systems
Michelle Graff, 678-731-5964
Willie Byrne, + 353 1 2390 208