TSYS has completed its acquisition of NetSpend: stakes and opportunities.
to consumer products and services.
Under the terms of agreement, NetSpend will continue to be led by chief
executive officer Dan Henry and President Chuck Harris; NetSpend common stock
ceased trading on NASDAQ ; NetSpend stockholders are entitled to receive $16.00
per share in cash for each share of NetSpend common stock that they hold.
“Being able to tap into the strength and resources of TSYS and combine them with the unique product set and fast growing business of NetSpend will enable us to better serve the underbanked market, which is our focus and our passion.” said Dan Henry, chief executive officer of NetSpend.
Additional details of the acquisition, as well as revised 2013 guidance for TSYS, will be discussed on the company’s second-quarter analyst call on July 23, 2013.
About NetSpend
NetSpend is a leading provider of general-purpose reloadable prepaid debit cards and related financial services to the estimated 68 million underbanked consumers in the United States who do not have a traditional bank account or who rely on alternative financial services. The Company's mission is to develop products and services that empower underbanked consumers with the convenience, security and freedom to be self-banked.
“Being able to tap into the strength and resources of TSYS and combine them with the unique product set and fast growing business of NetSpend will enable us to better serve the underbanked market, which is our focus and our passion.” said Dan Henry, chief executive officer of NetSpend.
Additional details of the acquisition, as well as revised 2013 guidance for TSYS, will be discussed on the company’s second-quarter analyst call on July 23, 2013.
About NetSpend
NetSpend is a leading provider of general-purpose reloadable prepaid debit cards and related financial services to the estimated 68 million underbanked consumers in the United States who do not have a traditional bank account or who rely on alternative financial services. The Company's mission is to develop products and services that empower underbanked consumers with the convenience, security and freedom to be self-banked.
About TSYS
At TSYS, (NYSE: TSS), we believe payments should revolve around people, not the other way around. We call this belief "People-Centered PaymentsSM." By putting people at the center of every decision we make, with unmatched customer service and industry insight, TSYS is able to support financial institutions, businesses and governments in more than 80 countries. Offering merchant payment-acceptance solutions as well as services in credit, debit, prepaid, mobile, chip, healthcare and more, we make it possible for those in the global marketplace to conduct safe and secure electronic transactions with trust and convenience.
TSYS’ headquarters are located in Columbus, Georgia, with local offices spread across the Americas, EMEA and Asia-Pacific.
