SIBS, a leading payment services provider, has acquired ITCARD S.A., a prominent Polish financial technology company, for an undisclosed amount. This strategic acquisition sees SIBS taking full ownership of ITCARD, marking a significant expansion of its operations within the Central and Eastern European payments market.
ITCARD S.A., founded in 2008, specializes in comprehensive payment solutions, including ATM services, POS terminals, and card processing. The company enables cash withdrawals and deposits, handles payments via physical terminals and mobile applications, and provides 3D Secure ACS online transaction processing. ITCARD operates its own networks, Planet Cash for ATMs and Planet Pay for POS terminals, and acts as a key outsourcing partner for banks and financial institutions. By the end of 2023, ITCARD managed 7,436 ATMs and 113,287 POS terminals, processing over 844 million transactions valued at 282 billion Polish Zloty. Its services extend beyond Poland into Croatia and the Czech Republic.
The acquisition is a strategic move for SIBS to strengthen its footprint in a key European region. By integrating ITCARD's robust infrastructure and extensive service portfolio, SIBS aims to enhance its payment processing capabilities and broaden its market reach. Expected synergies include leveraging ITCARD's established client base and its deep expertise in ATM and POS operations, alongside its card issuance and processing services. This combination is set to create a more comprehensive and competitive offering in the evolving digital payments landscape.
This transaction represents a corporate acquisition where SIBS has bought ITCARD, rather than a funding round for either company. The combined entity is poised to deliver expanded and more integrated payment solutions, aiming to drive further innovation and growth across its expanded geographical presence in Europe.