A Multinational Payments company has announced that it has completed its acquisition of a business located in Kildare.
EML Payments previously acquired Sentenial Limited, which is based in Maynooth, and its wholly-owned subsidiaries (''Sentenial'') in April of this year.
EML said in a statement that the acquisition by the Australian-based company has been approved by the French and UK financial regulators: L'Autorité de contrôle prudentiel et de résolution and the Financial Conduct Authority.
Sentenial is a cloud-native enterprise-grade payments company, operating in the European open banking sector.
It is regulated in the UK and France, hence the legal deal taking place between these two countries.
Sean Fitzgerald, Founder & CEO at Sentenial, said about the move: ''Today’s milestone brings considerable investment into our further growth."
"We're delighted to bring these advantages to our partners and build upon our long-established reputation as their dependable first choice provider for open banking and account-2-account payments," he added.
EML acquired Sentenial, as well its open banking product suite known as Nuapay, for a total upfront enterprise value of €70 million (A$108.6 million), plus an earn-out component of up to €40 million (A$62.1 million).
"The acquisition's finalisation repositions EML as a global leader in open banking and card payments and one of the largest fintech enablers," it said in a statement.
"Sentenial's open banking and account-2-account (''A2A'') brand Nuapay will complement EML's digital product suite starting in Europe and the United Kingdom."
EML continued: "Together, EML Nuapay will forge a frictionless payments revolution leveraging the open banking movement, empowering a better experience for end-users and better economics for clients.
The EML product platform provides tailored payment solutions across a wide range of industry verticals.
"With the introduction of the Nuapay product suite, clients can take full advantage of the latest in payments innovation," the statement included.
Tom Cregan, Managing Director & Group CEO at EML, also revealed that the Australian company has been working with the Sentenial team for a number of months on a go-to-market strategy encompassing sales, marketing, product and technology.
He explained: "we’ll showcase all at our upcoming EMLCON4 event in November."
"Strategically, this is an important acquisition for us, continuing our transition over the last ten years from a gift card company, to a General Purpose Reloadable company, and now extending that again to include digital payments, open banking and account-2-account payments, giving us a unique set of capabilities in the European market."
"We're just as excited about welcoming the whole team from Sentenial into the EML family, and once travel opens up, getting over to meet them all in person," Mr Cregan added.
According to the Irish IT professional services company Accenture, as the open data wave arrives, as much as $416 billion (around €357,473,828,728) in revenue will be at stake for EML.
The Irish Times previously reported that EML bought another Irish company, Prepaid Financial Services, in November 2019, with the deal being finalised in March 2020.
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