Network International
| File:Network International.png | |
| Company type | Public |
|---|---|
| LSE: NETW | |
| Industry | Payment solutions |
| Founded | 1994 |
| Headquarters | Dubai |
Key people | Rohinton Kalifa (Non-executive chairman) Simon Haslam (Chief Executive Officer) |
| Revenue | $297.9 million (2018)[1] |
| $75.2 million (2018)[1] | |
| $23.4 million (2018)[1] | |
| Website | investors |
Network International Holdings provides technology-enabled payments solutions to merchants and financial institutions in the middle east. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
History
The company was founded as a payments subsidiary of Emirates Bank in 1994.[2] Mainly operating in the Middle East and Africa region it became the first independent vendor in the Middle East to be certified by Mastercard and Visa for payments[3], and a member of the JCB and UnionPay card schemes. The Abraaj Group bought a 49 per cent stake in the business in 2011.[4]
The Abraaj Group sold its stake to Warburg Pincus and General Atlantic in 2015.[4] In a deal worth $340 million, Network acquired Emerging Markets Payments (EMP) from Actis in March 2019, creating the largest payments processor in the MENA region, estimated as five times larger than CSC in Lebanon by Bhairav Trivedi, the CEO of Network at the time. It remains the largest payments processor in the region[5]. The company was the subject of an initial public offering in April 2019.[4]
References
- ^ a b c "Prospectus" (PDF). Network International. Retrieved 16 June 2019.
- ^ "Network International considers options for initial public offering". The National. 22 September 2015. Retrieved 17 June 2019.
- ^ March 2019, 22nd. "Network International to float on London Stock Exchange". FinTech Futures. Retrieved 2019-09-05.
{{cite web}}: CS1 maint: numeric names: authors list (link) - ^ a b c "Network International Sells $1.4 Billion of Stock in Europe's Biggest IPO of 2019". Bloomberg. 10 April 2019. Retrieved 17 June 2019.
- ^ "Mastercard to invest $300 million in Network International IPO". Reuters. 2019-03-26. Retrieved 2019-09-05.