Euronets PaySpot subsidiary acquires TeleBuck$

Monday 19 July 2004 14:43 CET | News

PaySpot a subsidiary of Euronet Worldwide, has completed an acquisition of 100% of the shares of Texas Base Call Processing Inc (CPI), which sells prepaid services under the brand name TeleBuck$ via point-of-sale (POS) terminals in the U.S.

CPI, which was established in 1992 as a pioneer in the prepaid long distance calling card industry, has become a major distributor of prepaid wireless and other services to convenience store chains. CPI provides prepaid processing services for 30 convenience store chains in 21 states. CPI distributes prepaid services through a network of approximately 1,500 retail locations, all of which have electronic distribution of prepaid services via POS terminals. CPI provides several types of prepaid products, including prepaid wireless, prepaid long distance, prepaid giftcards, age verification and other services. CPI distributes prepaid airtime for all the major U.S. wireless carriers, including ALLTEL, AT&T, Cingular, T-Mobile, Tracfone and Verizon, as well as several regional carriers. The entire purchase price for the shares of CPI will be paid by PaySpot through the issuance of Euronet stock. With this acquisition, PaySpot and its affiliates have obtained rights under CPIs licenses to U.S. Patents 5,511,114; 5,577,109; 5,721,768; and 6,502,745 for the provision of POS activation and recharge of stored value cards and accounts. The first of these patents was filed in 1994.

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Categories: Payments & Commerce | Payments General
Countries: World
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