HPS Completes the Acquisition of ICPS

HPS Group today announces the completion of the acquisition of ICPS in Mauritius, which it first announced on February 9th, 2021.

Following the lifting of the last suspensive conditions related to administrative authorizations as dictated by the regulations in force, HPS and ICPS proceeded on April 7th 2021 to sign the reiterative deed of sale related to 80% of the shares of the company ICPS. ICPS provides payment processing services for banks and other financial institutions, as well as telecom operators, and has a rich portfolio of more than 30 clients in 22 countries in Africa and Asia, including MCB Group. ICPS activity covers hosting of more than 6 million cards, driving of more than 600 ATMs and 11,000 point of sale terminals. ICPS offering is based on HPS PowerCARD technology linked to international networks American Express, Diners, Discover, MasterCard, UPI and Visa, covering the entire value chain.

Objectives of the operation

ICPS acquisition is a major development for HPS, which will allow the expansion of the Group’s processing activity in Africa. The acquisition positions HPS as a processing leader in the African market thanks to its presence in a dozen countries in French speaking Africa and ICPS’ presence in around 20 English speaking countries in Africa. Thus, the combination of HPS and ICPS will enable them:

  • to create a centre of expertise around PowerCARD technology in English-speaking Africa, strengthening both ICPS and HPS’ presence in this region;
  • to pool the infrastructures of the two companies for better efficiency and better profitability;
  • to give the processing activity of HPS Group a critical size to address Tier1 and Tier2 customers in Africa.

Based on ICPS’ financial statements closed at the end of June 2020 and showing a turnover of 100 Million Moroccan Dirhams, the consolidated processing activity at the end of this transaction should represent nearly 25% of HPS’ overall activity, resulting in a significant increase in the Group’s recurring revenues, which will thus reach 65% of all HPS activities.