HPS completes acquisition of Moroccan company IPRC
By Pavithra R
Hightech Payment Systems Group (HPS), a multinational provider of payment solutions, has announced the completion of the acquisition of IPRC, a national leader in the supervision and remote management of electronic payment systems, announced on July 9th.
IPRC supervises more than 5,500 ATMs on behalf of thirty banks in Morocco and Africa, manages the electronic payment fraud of more than 7 mn cards banking and supervises almost half of the Moroccan electronic payment flow. Following the lifting of the last suspensive conditions related to administrative authorizations as dictated by the regulations in force, HPS and IPRC proceeded to sign the reiterative deed of sale pertaining to 100% shares of the company IPRC.
Since 2016, HPS has embarked on a strategic shift with the creation of the Processing activity, which consists of distributing its technologies and services through a new channel and thus offering outsourcing services for its customers’ electronic payment activity. IPRC, being a specialized leader on the Moroccan market for the supervision of ATMs and credit card fraud supervision, is expected to strengthen the outsourced services the company offers its customers. The acquisition will strengthen HPS’s processing offer by combining PowerCARD solution in the outsourced mode of new services with high added value.
Additionally, the strong geographic scope of HPS Group and its recognition over many markets will develop IPRC offers internationally to accelerate its growth and development.
Established in 1995, HPS is an innovative payment solutions company at the forefront of the international payment industry providing payment solutions for issuers, acquirers, card processors, independent sales organizations (ISOs), retailers, and national & regional switches around the world.