Euronet Worldwide, Inc. was founded in 1994 to bring ATM transaction convenience to the cash-based Central European community. Today Euronet is an industry leader in processing secure electronic financial transactions and serves clients in approximately 145 countries.
From the installation of one ATM, Euronet's products and services have rapidly grown to include comprehensive payment and transaction processing solutions which include ATM and POS operation and management services; credit and debit card outsourcing services; card issuing and merchant acquiring services; integrated transaction software solutions; consumer money transfer and bill payment services; and electronic distribution for prepaid mobile airtime and other prepaid products. Dedicated people, integrated products and global presence continue to serve as the cornerstones of the Company's structure supporting the mission upon which Euronet was founded ‘to deliver electronic financial payment convenience to our customers in emerging and developed markets.
1994 |
Founded in Budapest, Hungary as Bank Access 24 with aim of establishing first independent ATM network in Central and Eastern Europe |
1995 |
Installs first ATM in Hungary
Approved by Visa® and American Express® to process ATM transactions |
1996 |
Launches ATM networks in Poland and Germany
Approved by Europe (MasterCard®) to process ATM transactions |
1997 |
Completes initial public offering of approximately 6.0 million shares of common stock at $13.50 per share on NASDAQ (EEFT)
Signs first ATM outsourcing agreement with Budapest Bank in Hungary
Launches offices in Romania and Croatia to implement signed outsourcing agreements |
1998 |
Continues European expansion by signing outsourcing agreements in the United Kingdom, Czech Republic and France
Installs ATMs in the United Kingdom
Acquires Arkansas Systems, Inc.® (ARKSYS), leading developer of integrated transaction software based in Little Rock, Arkansas, USA |
1999 |
Launches mobile recharge on ATMs and mobile banking products for bank customers |
2000 |
Enters Asian market by launching operations in Indonesia to service a shared ATM network owned by three local banks
Sets-up ATM outsourcing operations in Greece
Changes name to Euronet Worldwide, Inc. to reflect global presence |
2001 |
Forms Cashnet™, joint venture to develop and operate an electronic funds transfer network for banks and card issuers in Egypt |
2002 |
Launches prepaid recharge services program PaySpot in the United States
Enters India with ATM outsourcing agreement
Forms EuroPlanet d.o.o. Beograd, joint venture to provide electronic funds transfer services for banks and card issuers in Serbia |
2003 |
Sells ATM network in the United Kingdom and simultaneously signs five-year ATM outsourcing agreement with the buyer
Launches processing services for prepaid products, primarily prepaid mobile airtime, by acquiring e-pay Ltd. in the United Kingdom, Australia and Malaysia
Launches Cashnet, India's first and now largest nationwide shared ATM network
e-pay expands prepaid business into New Zealand, Poland and Ireland
Acquires transact GmbH, prepaid and payments processor in Germany
Expands PaySpot, U.S. prepaid brand, by acquiring five prepaid companies from 2003 to 2005 |
2004 |
Enters Spanish prepaid market with acquisition of MovilCarga
Subsequently in
2005, acquires TeleRecarga S.A. in Spain to further strengthen its prepaid market position
Acquires 10% ownership stake in ATX Software Ltd., provider of electronic prepaid voucher solutions in Europe, Africa and other regions
Subsequently in
2005, increases total ownership stake to 51% to gain controlling share in ATX |
2005 |
Launches money transfer and bill payment services with acquisition of Telecomm USA
Ranks #34 on FORTUNE's List of 100 Fastest-Growing Companies
Acquires Instreamline S.A., Greek company that provides credit/debit card and POS outsourcing services in Greece and the Balkan region
Acquires EuroPlanet d.o.o. Beograd, Serbian company that provides debit card, ATM and POS outsourcing services in Serbia, Montenegro and Bosnia & Herzegovina |
2006 |
Launches ATM outsourcing operations in China
Ranks #36 on FORTUNE's List of 100 Fastest-Growing Companies |
2007 |
Acquires prepaid mobile airtime processor Brodos SRL in Romania
Ranks #7 on Forbes List of 25 Fastest-Growing Technology Companies
Acquires Omega Logic Ltd. and consolidates position as largest electronic payments processor of prepaid mobile airtime top-up services in the United Kingdom
Signs first Single Euro Payments Area (SEPA) compliant cross-border merchant acquiring agreement with OMV Refining & Marketing GmbH, leading oil and gas group in Central Europe
Completes acquisition of RIA Envia, Inc., third-largest global money transfer company with sending network in North America, the Caribbean, Europe and Asia-Pacific
Launches prepaid services in Italy, Europe's largest prepaid market, and India
Ranks #28 on Forbes List of 200 Best Small Companies List
Processes more than one billion annual payment transactions |
2008 |
- Ranks #4 on Forbes list of 25 Fastest-Growing Technology Companies
- Signs prepaid agreement with Aral AG, Germany's largest operator of petrol stations
- Wins Cards International Global Awards 2008 'Merchant Acquirer of the Year' in recognition for launching first SEPA compliant cross-border merchant acquiring solution in Europe
- Signs prepaid agreement with Caltex Australia Petroleum Pty Limited, Australia's largest petrol convenience retailer, significantly strengthening prepaid position in the Australian market
- Launches prepaid in Greece, a market where 10% of the 10 million prepaid subscribers top-up through electronic distribution
- Enters new money transfer market with the launch of money transfer send operations in Belgium
- Repurchases $70 million in principal amount of the $140 million in 1.625% convertible debentures, resulting in total debt reduction and an improvement in the Company's debt to adjusted EBITDA ratio
- Recognizes a non-cash goodwill impairment charge of approximately $220 million due largely to the weakening global economy and significant declines in the stock markets
- Amends certain covenants in credit agreement, proving sufficient liquidity to meet the likely put of remaining convertible debentures
- Crosses one billion mark in annual revenues
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