- Ireland-based digital banking and payment solutions provider CR2 has agreed to be acquired by Morocco-based Hightech Payment Systems (HPS).
- The transaction will strengthen HPS’s value proposition in French-speaking markets in Africa and help the company expand into English-speaking Africa and Australia.
- CR2 made its Finovate debut at FinovateFall 2014 in New York.
Irish digital banking and payment solutions provider CR2 has agreed to be acquired by Morocco’s Hightech Payment Systems (HPS). The move will bolster HPS’s digital banking and payment capabilities and consolidate the company’s status as a leader in the African market, especially in its Francophone regions. The acquisition also will help HPS expand in English-speaking Africa and Australia due to CR2’s strength in these markets. Terms of the acquisition were not immediately available.
“We are pleased to be joining Abdeslam and the team at HPS,” CR2 CEO Fintan Byrne said in a statement. “Together, we share a wealth of experience, a passion for innovation, and a relentless focus on customer success.” Byrne added that the acquisition aligns with CR2’s global expansion goals. “With additional scale comes even more opportunity to invest and innovate. This is an exciting time to be in the digital banking and payments technology sector,” Byrne said.
A Finovate alum for more than a decade, CR2 offers digital banking and payment solutions via its flagship platform, BankWorld. The platform gives more than 90 banks in 50+ countries a comprehensive suite of digital banking, digital wallet, and payment functionalities. HPS will combine CR2’s technology with its PowerCARD suite of payment solutions which is used by 500+ institutions in more than 95 countries. HPS further noted that CR2 will “contribute materially” to its financial bottom line, post-acquisition. CR2 generated revenues of €23.8 million in the 12 months leading up to June 2023.
“Today marks a significant milestone in the continued growth of HPS,” HPS Co-Founder and CEO Abdeslam Alaoui Smaili said. “CR2 has a differentiated and exciting capability set, which is a strong fit for HPS and adds significant depth and breadth to our platform.”
Founded in 1995, HPS is a multinational corporation that provides payment software and solutions for issuers, acquirers, card processors, independent sales organizations (ISOs), retailers, mobile network operators (MNOs), and more. HPS is headquartered in Casablanca, Morocco, and has been a member of the Casablanca Stock Exchange since 2006.
Headquartered in Dublin, Ireland, with offices in Dubai, Jordan, India, and Australia, CR2 most recently demonstrated its technology at FinovateFall 2014 in New York. Earlier this year, the company announced a strategic partnership with U.K.-based core banking and financial solutions provider Fimple.
CR2 Chairman Kieran Nagle praised both executives’ “strong track records and weighty experience within the financial services and financial technology sector.” In addition to his tenure at Mastercard, Byrne (pictured) previously served as Managing Director, General Manager, Europe; and VP Sales, UK and Ireland for Transaction Network Services. He also spent five years in sales and marketing at NCR. Byrne has degrees from Marist College and University of Limerick, as well as an MBA from the University College Dublin.