Ria is a subsidiary of Euronet Worldwide. The purchase will be funded primarily by cash with a small amount of Euronet stock. After the merger, the company will be operated under the name IME Sdn Bhd.

The acquisition of IME provides Ria with immediate entry into the important Asian and Middle East send markets and will allow Ria to more quickly replicate

the success achieved in the US and Europe over the last decade.

IME is highly complementary to Ria’s existing network and adds new send markets and payout locations in some of the world’s largest and fastest growing corridors.

Ria also brings more money transfer capabilities and distribution to IME and the combined volume of the two businesses provides a more compelling value proposition for new and existing business partners.

Ria has a proven track record of gaining market share when entering new markets and the addition of nine new send countries in Asia and the Middle East will complement Ria’s growth.

“IME is a well-known and trusted provider of remittances in the fast-growing Asian money transfer market, with world class service for both send and payout transactions,” said Michael J Brown, Euronet’s chairman and CEO.

IME’s current markets account for approximately $115 billion in remittances per year, according to the World Bank.

“I am particularly excited about the combination of IME and Ria as IME has produced double-digit growth rates in the South Asian market consistent with the growth we are seeing across other money transfer markets,” Brown said.

“Ria is a well-respected leader in the money transfer industry with a commitment to fast, affordable, secure money transfers. Our customers will benefit from

Ria’s extensive global network of 246,000 locations. Euronet’s strong balance sheet and the combined team will help accelerate IME’s growth trajectory in the region,” said Hem Raj Dhakal, managing director of IME Malaysia.