Last checked at 25 Sep 2008 07:00
25 September 2008
DATACASH GROUP PLC: DATA / Index: AIM/ Sector: Support Services
DataCash Group Plc ('the Company')
DataCash Strategic Investment In Smart Voucher Limited
DataCash Group plc, the Aim listed Payment Service Provider, announces today that it has made a strategic investment in Smart Voucher Limited ("Smart Voucher"). DataCash has invested approximately $7.08 million (£3.82 million) through a 3 year convertible instrument bearing a coupon of 5.1% which, when converted, would give the Group approximately 16.66% of the enlarged equity of Smart Voucher.
DataCash is investing alongside Gold Label Investments (Pty) Limited, a subsidiary of Blue Label Telecoms Limited, a South African listed company that has a significant point of presence network in South Africa, India and other countries in which it operates, distributing secure electronic tokens of value. Blue Label Telecoms, through its wholly owned subsidiary Gold Label Investments, has also concluded an agreement to acquire 17.25% equity in Smart Voucher.
Smart Voucher has developed proprietary technology which enables the purchase of a prepaid voucher that may be redeemed for online products and services. Smart Voucher's products provide DataCash with an opportunity to capture cash based transactions used by consumers in markets with limited banking penetration or by consumers who do not wish to enter banking product information online. DataCash expects the Smart Voucher product to be a principle component of its service offerings into both new and existing markets.
Under its Ukash brand name, Smart Voucher Limited has established a good position in the UK and European Pre-paid voucher market, working with companies such as William Hill plc and Skype (an eBay company). Smart Voucher products have been one of many payment instruments supported by DataCash over recent years.
Smart Voucher has a footprint in the UK and Western Europe and, through its link with Blue Label Telecoms and the additional capital being invested, intends to expand into the developing economies of Africa, India and Central America, which have populations that are technologically sophisticated but are often unbanked.
It is believed that the opportunities for using the proven technology developed by Smart Voucher to develop a market leading position in on-line cash products will be among the benefits of the investment by DataCash and Blue Label Telecom.
Ashley Head, Executive Chairman of DataCash, is a non-executive director of Smart Voucher.
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For further information please contact:
DataCash Group PLC
Paul Burton Tel: +44 (0)870 72 74 76 0
Finance Director E-mail: Paul.Burton@datacash.com
Andrew Dark Tel: +44 (0)870 72 74 76 0
Chief Executive E-mail: Andrew.Dark@datacash.com
Carly Smith Tel: +44 (0)207 421 9283
Marketing and Communications Email: Carly.Smith@datacash.com
Nominated Adviser - Investec
Keith Anderson/Daniel Adams Tel: +44 (0)207 597 5970
Website: www.datacash.com
About DataCash
DataCash Group PLC (AIM: DATA), a market leading provider of payment processing
solutions, provides merchants with a single interface that allows them to process secure payments, both on and offline, anywhere in the world.
DataCash also provides a range of value added services with its fraud and Risk
Management solutions supporting AVS/CV2, 3-D Secure (Verified by Visa and
MasterCard Secure Code) together with traditional rules-based screening.
DataCash provides first-class service reliability at a fraction of the price of an in-house solution, servicing clients within the retail, travel, telecommunications and gaming sectors.