SafeCharge buys CreditGuard

SafeCharge has acquired Israel-based payments services company, CreditGuard for an initial cash consideration of $8m.

SafeCharge buys CreditGuard

SafeCharge, a provider of payment technologies solutions, has acquired Israel-based payments services company, CreditGuard, for an initial cash consideration of $8m and deferred consideration capped at $0.4m.

The acquisition, which is expected to complete in January 2015, will facilitate SafeCharge’s strategic plan to expand into rapidly growing markets and sectors including travel, insurance, telecoms and government.

The deal that will be financed from the existing cash resources of SafeCharge will help the group to expand its customer portfolio support by leveraging CreditGuard’s extensive portfolio of tier one customers and allow it to explore multiple online and mobile businesses in Israel.

David Avgi, CEO of SafeCharge, said: “CreditGuard is highly regarded within the payments industry, with a solid portfolio of clients across multiple market sectors and a vast knowledge and expertise in Enterprise IT infrastructures, networks and security. This enables us to fast-track our entry into new verticals and take a strong position in the exciting Israeli market.”