Paris, November 17th, 2009 – Advent International, the global private equity firm, announced today that it has agreed to sell the electronic payment company Monext to Crédit Mutuel Arkéa.
Monext was created following the acquisition of the electronic payment activities of Experian France by Advent International. With a team of over 400 staff and a turnover of €60 million, Monext holds a leading position in the processing of electronic payments. The company develops multi-channel, secure and innovative payment solutions, working alongside financial institutions and retailers in France and abroad.
Under Advent’s ownership and in partnership with its management team and employees, Monext built the foundations for strong growth, notably through the creation of its new identity, the launch of innovative products, the streamlining of technical processes and the implementation of a simplified organisation centred on client needs. In a rapidly growing market, Monext was able to position itself as a recognised brand and a key player in the market.
Guillaume Darbon, Managing Director of Advent International in France commented: “We are proud of the fundamental work carried out with the Monext management team, enabling the company to create a new image and strengthen its leading position in the payment sector in France, a sector in which Advent has made significant investments. A new phase of growth is opening up for Monext and we are confident that the company has good prospects within Crédit Mutuel Arkéa.”
Ludovic Denis, President of Monext stated: “Advent International was able to bring operational and financial support needed at the time of the company’s creation. Today backed by a solid and recognised banking group, Monext is beginning a new stage in the company’s history. With Crédit Mutuel Arkéa, we will follow our ambitions for European growth in this dynamic market.”
For several years, the strategy of Crédit Mutuel Arkéa has consisted in developing independent brands, such as ProCapital, Fortuneo, Financo or Suravenir. In this context, the Crédit Mutuel Arkéa group will support Monext in its autonomous development strategy: Monext will benefit from the financial support of its shareholder to offer its products and services across Europe.
Monext has 400 staff managing more than 2 million bank cards, 3 million transport cards and 5 million private-label (petrol and retail) cards on a day-to-day basis, and handles more than 550 million transactions per year, making it a major player in the French electronic payment market. Its aim is to facilitate secure, reliable and immediate electronic payment transactions, with or without a card, at the point of sale, online or via mobile phones.
Monext develops innovative solutions for customers in the fields of banking, retailing and commerce. In the next three years, it aims to triple its revenue through organic growth and acquisitions, and to become one of Europe's leading players in this fast-growing market.
For more information, visit: www.monext.fr/eng