Galway financial tech company PerfectCard will expand after selling to Australian payment solutions company EML Payments in a multi-million euro deal.
EML has bought a 75% stake in the Galway company for €6 million.
PerfectCard says that this sale will result in the result of its Galway workforce over the next two years.
EML have also said that they plan to make PerfectCard’s base in Galway their global hub for technology and innovation.
According to the Irish Independent EML received approval from the Central Bank for the sale two weeks ago.
Nikki Evans, CEO of PerfectCard said that the sale would be huge benefit to both companies, giving EML access to EU markets for their payment products.
EML is a financial services company that handles insurance, injury claims, and personalised consultancy for companies.
PerfectCard also said that it would accelerate their growth and open up opportunities for the company and employees alike.
PerfectCard provides corporate financial expense and incentive services including PerfectIncentive and its recently launched new service Pecan Expense.
Ms Evans will remain the CEO of PerfectCard after the merger and will assume responsibility for EML European Issuing.
EML operates in 21 countries, processing AU$6.7 billion in financial transactions last year.