LEAWOOD, Kan. - Euronet Worldwide Inc. (NASDAQ:EEFT), a global provider of financial technology solutions and payments, announced a partnership with SOFTONE Group, a significant cloud-based business software provider in Greece and Southeast Europe, to deliver integrated merchant acquiring solutions in Greece.
This collaboration will see SOFTONE integrate its business software with Euronet's merchant acquiring platform, aiming to enhance services for 210,000 Euronet and 75,000 SOFTONE merchants.
The partnership is set to offer a range of cost-effective solutions for both online and physical stores, with a focus on expanding business relationships and increasing market presence for both companies. It builds upon Euronet's recent initiatives in the Greek market, including the acquisition of the Piraeus Bank merchant acquiring business unit in March 2022 and subsequent strategic agreements.
Nikos Fountas, Executive Vice President and CEO of Euronet Americas and EMEA EFT Division, expressed enthusiasm over the agreement, anticipating that it will provide a seamless integration experience for merchants and further establish Euronet's presence in Greece. He also indicated plans to extend the collaboration beyond Greece to international markets.
SOFTONE Group CEO Panos Martinis highlighted the partnership's potential to offer interconnected platforms that foster sustainable growth for customers. He emphasized the value of combining SOFTONE's cloud-based software with Euronet's payment solutions to streamline payment processes and maximize services on a single platform.
The deal aligns with Euronet's global expansion strategy, which includes solidifying its presence in existing markets and branching out to new territories with a diversified approach. The partnership also capitalizes on the Electronic Cash Register (ECR) payment device integration initiative supported by the Greek government, which aims to improve consumer experiences and retailer operations at the point of sale.
SOFTONE Group, boasting over 680 professionals and a network of 600+ channel partners, leads the Greek cloud-based solutions market and plays a key role in Southeast Europe with over 50,000 cloud installations. The group's extensive ecosystem interconnects more than 350,000 companies, making it a prominent player in e-invoicing and B2B solutions in Greece.
This news is based on a press release statement from Euronet Worldwide, Inc.
InvestingPro Insights
Euronet Worldwide Inc.'s (NASDAQ:EEFT) strategic partnership with SOFTONE Group is set to enhance its merchant acquiring capabilities, a move that aligns with its robust financial performance indicators. According to real-time data from InvestingPro, Euronet boasts a healthy market capitalization of $4.73 billion, reflecting investor confidence in its business model and market position. The company's P/E ratio stands at 17.84, with an adjusted P/E ratio for the last twelve months as of Q4 2023 at a slightly lower 16.89, suggesting a reasonable valuation in light of its earnings.
InvestingPro Tips highlight that Euronet is trading at a low P/E ratio relative to near-term earnings growth, which could signal a potential undervaluation compared to its growth trajectory. Additionally, the company's profitability is underscored by a robust gross profit margin of 39.73% for the last twelve months as of Q4 2023. This financial strength is further supported by the fact that Euronet's liquid assets exceed its short-term obligations, indicating a solid liquidity position to support its expansion initiatives and strategic partnerships.
Investors and analysts alike may find these insights particularly valuable, considering the company's aggressive share buyback strategy and the prediction by analysts that Euronet will remain profitable this year. For those interested in deeper analysis and additional insights, InvestingPro offers more tips on Euronet Worldwide Inc., which can be accessed at https://www.investing.com/pro/EEFT. To enrich your investment research, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. Currently, there are 5 additional InvestingPro Tips available for Euronet Worldwide Inc., providing a comprehensive look at the company's financial health and market potential.
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