Equity fund Innova Capital takes over Provus and RomCard

Private equity fund Innova Capital has completed the acquisition of a 96 percent stake in Provus Services Provider and its subsidiary RomCard from Private Turkven Private Equity and a consortium of Turkish investors.

RomCard and Provus are the leading providers of card issuance and personalization, operations and transaction processing to ATMs and POS terminals, and switching and e-commerce services.

Provus, founded in 2001, provides card personalization services and loyalty applications. It manages over 1,500 ATM units, 4500 POS terminals, 3 million cards and over 3.5 million transactions per month.

RomCard was founded in 1994. The company continued to focus on transaction processing and has expanded into e-commerce services, is currently the only platform in 3D Secure certified by Visa and MasterCard in Romania.

Innova Capital has been legally advised by Badea Clifford Chance and PricewaterhouseCoopers was the financial consultant for the transaction.

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Dana Verdes