SYDNEY and SINGAPORE, Feb. 17 /PRNewswire-FirstCall/ -- MasterCard today announced that it has entered into an agreement to increase its stake in Strategic Payments Services Pty Ltd (SPS), which will allow it to become the majority shareholder at 52.5%. Bendigo and Adelaide Bank Ltd will remain a key partner in the JV, retaining its existing shareholding, with Customers Ltd set to become a minority shareholder.
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Since its inception, SPS has established itself as a key player in the processing services market in Australia, offering a modern and flexible acquiring processing platform. SPS has proven its stability and reliability, providing services to clients including Australia's largest independent ATM deployer and a prominent Australian bank. MasterCard's initial investment in the JV enabled it to build upon its position as a payments industry leader by developing an innovative, outsourced processing platform which provides clients with a viable alternative to building or upgrading in-house or legacy systems.
The agreement to increase the stake represents an extension of the partners' original vision for SPS. "This agreement sends a strong message to the market about the value SPS delivers through its proven processing capabilities. SPS stands to further benefit from MasterCard's payments expertise and network processing flexibility, enabling it to meet the needs of a broader client base," said Greg Gillett, Chairman SPS Board.
"The SPS joint venture enables us to readily respond to our clients' broader payment needs, offering market-leading technologies and locally relevant solutions. Processing is a major pillar of MasterCard's strategy in establishing leadership and delivering real business value to our clients and merchant partners. As our clients seek to drive operational efficiencies and deliver innovative products to their clients, MasterCard will be able to support them with processing capabilities spanning multiple channels and product types. While we continue to develop technologies in-house, joint ventures and acquisitions have also become key to our global strategy for expansion, allowing us to harness new revenue streams and increase our speed-to-market, while maintaining cost efficiencies," said Shuan Ghaidan, Group Head Customer Delivery, APMEA, MasterCard Worldwide.
SPS' head office will remain in Sydney and it will work closely with MasterCard's APMEA team to deliver and support regional processing solutions for financial institutions, merchants and other processors. SPS will benefit from world-class payment processing delivered through the MasterCard Worldwide Network, enabling seamless connectivity for both domestic and global clients.
About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes approximately 21 billion transactions each year, and provides industry-leading analysis and consulting services to financial institution customers and merchants. Through its family of brands, including MasterCard(R), Maestro(R) and Cirrus(R), MasterCard serves consumers and businesses in more than 210 countries and territories. For more information go to http://www.mastercard.com/.
Forward-Looking Statements
Statements in this press release which are not historical facts, including statements about MasterCard's plans, strategies, beliefs and expectations, are forward-looking and subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements speak only as of the date they are made. Accordingly, except for the company's ongoing obligations under the U.S. federal securities laws, the company does not intend to update or otherwise revise the forward-looking information to reflect actual results of operations, changes in financial condition, changes in estimates, expectations or assumptions, changes in general economic or industry conditions or other circumstances arising and/or existing since the preparation of this press release or to reflect the occurrence of any unanticipated events. Such forward-looking statements include, without limitation:
-- the company's ability to support its clients with processing capabilities spanning multiple channels and product types -- the company's ability to leverage joint ventures and acquisitions to harness new revenue streams and increase speed-to-market, while maintaining cost efficiencies -- the company's ability to enable SPS to meet the needs of a broader client base, leveraging its payments expertise and network processing flexibility
Actual results may differ materially from such forward-looking statements for a number of reasons, including those set forth in the company's filings with the Securities and Exchange Commission (SEC), including the company's Annual Report on Form 10-K for the year ended December 31, 2007, the company's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that have been filed with the SEC during 2008, as well as reasons including difficulties, delays or the inability of the company to achieve its strategic initiatives set forth above. Factors other than those listed above could also cause the company's results to differ materially from expected results.
About SPS
SPS, established in 2006 as a joint venture between MasterCard, Bendigo Bank Ltd and Customers Ltd was designed to deliver an innovative, flexible and cost effective multi-brand acquiring processing solution. Already SPS has achieved an enviable market position as one of the largest independent processors in Australia. Its end-to-end processing solution includes transaction switching, device driving, back office and support functions. It provides acquirers with a single point for processing all self-service channels, including ATM, POS, telephone, mobile devices, online and call centers. Cards supported include credit, debit, private label and chip enabled. Its modern software platform is one of the world's most widely deployed solutions, enabling increased flexibility and cost efficiencies through its modular architecture. For more information go to http://www.strategicpaymentsservices.com.au/
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