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Euronet Sells Dash and Licenses Software to ALLTEL Information Services
LEAWOOD, KANSAS-January 4, 2002-Euronet Worldwide, Inc. (NASDAQ: EEFT), a leading provider of secure electronic financial transaction solutions, today announced the sale of DASH, an electronic funds transfer (EFT) network solution to ALLTEL Information Services, which supplies industry-leading integrated solutions to the financial services marketplace. The DASH network provides transaction switching and ATM driving capabilities throughout the United States. In a separate agreement, Euronet granted ALLTEL extensive license rights to Euronet's Integrated Transaction Management (ITM) software system.
Euronet's ITM software provides EFT transaction switching, interfaces to the major payment networks and management of ATM and debit card transaction processing, as well as POS and merchant management systems. ALLTEL Information Services previously worked with Euronet's solutions through mutual clients and has developed interfaces to its retail delivery and back office systems for Euronet's Integrated Transaction Management software engine for the mutual clients. The DASH network and software solutions from Euronet and the ALLTEL's Integrated Financial Solutions division operate on IBM's iSeries platform, formerly known as the AS/400 platform.
"The DASH network agreement and the software license agreement are integral parts of our strategy to provide end-to-end financial solutions to our clients," said Gary Norcross, president of ALLTEL's Integrated Financial Solutions division. "DASH provides us with an established market solution, and a level of brand recognition in the industry."
"This transaction is a testament to the quality and value of Euronet's financial payments middleware. This deal also exemplifies our commitment to strategies that significantly increase shareholder value," said Michael J. Brown, Euronet Worldwide Chairman and CEO.
Euronet has operation centers and network switches in Europe and Asia. Each center is built on Euronet's ITM engine, which supports millions of transactions per month from various touchpoints, such as ATMs, POS devices, Mobile devices and the Internet. Under the terms of the agreement, Euronet may also continue to provide EFT processing services in the US.
"This is a win/win transaction for Euronet and ALLTEL Information Services," said Daniel Henry, Euronet Worldwide President and COO. "Our unique ATM driving and transaction processing solutions are our core business, and we will continue to focus on our fastest growing markets of Europe, Middle East, and Asia Pacific."
Euronet Worldwide will host an analyst conference call at 1:00 PM US Central Daylight Time Friday Jan. 4, 2002 The conference call will use a special call-in number: 877-666-4170 (USA) or +1-712-271-0014 (non-USA). The password is "Listener." A replay of the call will be provided at the following call in number: 800-873-2026 (USA) or +1-402-220-5359 (non-USA).
About Euronet Worldwide
Euronet Worldwide is a global provider of secure electronic financial transaction solutions. Euronet's financial payment middleware, financial network gateways, outsourcing and consulting services enable its customer banks, financial institutions, and mobile operators to provide their clientele access to personal financial information and to perform secure financial transactions -- any time, any place. Euronet's Integrated Transaction Management (ITM) secure payment technology, powers financial transaction solutions for more than 200 clients in 60 countries as well as the company's processing centers located in Europe and Asia. The company owns and operates the largest independent ATM network in Europe with corporate headquarters in Leawood, Kansas, USA, and European headquarters in Budapest, Hungary.
DASH (EFT Network Services, LLC) began operations in 1996 and now drives 531 ATM's for 24 clients in 35 states and one US territory. DASH processes more than million transactions per year and has been recognized nationally for network reliability.
ALLTEL, with more than 10 million communications customers and more than $7.5 billion in annual revenues employees is a leader in the communications and information services industries. ALLTEL has communications customers in 24 states and provides information services to telecommunications, financial and mortgage clients in 50 countries and territories.