“Our financial results for the first six months met our expectations excluding currency translation adjustments and merger and acquisition expenses. The acquisition of NetSpend is a transformational event for us. NetSpend’s revenue has grown at a 22% CAGR over the past five years. The next two years will be very exciting as we work on the integration of NetSpend. We also plan on growing the prepaid program management business and converting the largest pipeline of accounts in our history over the next two years,” said Philip W. Tomlinson, chairman of the board and chief executive officer, TSYS.“NetSpend is the second largest provider of general purpose reloadable (GPR) and Paycards in the U.S. With the NetSpend acquisition, TSYS gains entry into one of the fastest growing areas of payments which is expected to double over the next 4–5 years. The acquisition complements our already strong presence in the prepaid processing space,” said Tomlinson.
TSYS Reports Second Quarter Results And Raises 2013 Guidance With NetSpend Acquisition
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