Led by CEO Fintan Byrne, CR2 generated revenues of practically €24m within the 12 months main as much as June 2023.
Irish fintech agency CR2 has been acquired by Morocco-based funds software program firm Hightech Fee Programs (HPS).
HPS mentioned the acquisition will improve its digital banking and funds capabilities and speed up its progress throughout the area globally.
Primarily based in Dublin and led by CEO Fintan Byrne, CR2 has been round for greater than 20 years, initially specializing in the self-service banking market throughout the worldwide operations of huge banks resembling Customary Chartered, Absa and Customary Financial institution.
Right now, its proprietary BankWorld software program platform powers greater than 90 banks throughout greater than 50 international locations, offering them with digital banking, digital pockets and fee functionalities. Outdoors Eire, CR2 has places of work in Dubai, Jordan, India and Australia.
Byrne, who took over as CEO in 2017, mentioned that the acquisition by HPS is a “recognition of what the staff in CR2 have created and the chance inside our enterprise for future progress”.
“Importantly, it aligns with our continued worldwide scale ambition. With further scale comes much more alternative to take a position and innovate,” he mentioned.
“That is an thrilling time to be within the digital banking and funds know-how sector. Collectively, we sit up for repeatedly delivering for patrons and all stakeholders with confidence.”
For HPS, the acquisition is a chance to realize from “new potential income alternatives” in complementary markets already served by CR2, which generated revenues of practically €24m within the 12 months to June 2023.
Abdeslam Alaoui Smaili, CEO and co-founder of HPS, mentioned that the acquisition marks a “vital milestone” within the Casablanca-listed firm’s progress.
“CR2 has a differentiated and thrilling functionality set, which is a powerful match for HPS and provides vital depth and breadth to our platform. Each corporations share a standard ardour for excellence in digital funds and for offering high-value options to clients,” Smaili mentioned.
“With comparable cultures valuing buyer focus and excessive efficiency, we imagine that HPS will probably be a superb residence for CR2 to thrive and ship long run progress.”
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