10 Jan Metavante acquires European payment software company
Milwaukee, Wis. — Metavante Technologies has agreed to acquire Nomad Payments, which provides prepay and debit card processing services and software, for approximately $58 million. The acquisition is not expected to affect Metavante’s profitability this year but gives the Milwaukee-based financial software giant a presence in the U.K. and European prepaid-card market, in which research firm TowerGroup estimates that consumers will spend 75 billion euros by 2010, with over 375 million cards in circulation.
Nomad, out of London, was founded in 1991 as a payments software company, has been venture-funded since 2000 and established its payments division in 2005. It will take on the Metavante name.