(MENAFN- ProactiveInvestors - Australia) Mobile money company eServGlobal (ASX: ESV, LSE: ESG) is set to benefit from a deal between BICS and Xpress Money.
BICS is a global provider of wholesale carrier services and Xpress Money is a mobile money transfer company.
Where eServGlobal fits in is that HomeSend, the mobile international remittance hub offered by BICS, is based on eServGlobal technology.
The new service will enable people to send money instantly and cost effectively using Xpress Money's 135,000 agent locations across the world.
HomeSend is the only mobile-centric international remittance hub endorsed by the GSMA, and has live corridors in Europe, Asia Pacific, the Middle East, and Africa.
Recently, eServ received the final escrow amount of A$11.4 million relating to the sale of its USP business to Oracle in 2010.
In 2010, eServGlobal sold its USP business and assets to Oracle for A$106.7 million. The company received an initial payment of A$79.4 million with the balance held in escrow and to be released in two instalments, both of which have been received by eServGlobal.
Handsome returns
eServGlobal earned first half FY2012 revenues of A$12.6 million. Cash and cash equivalents at 30 April 2012 were A$2.6 million (excluding USP Asset proceeds held in escrow of $11.3 million) after returning A$57 million in cash to shareholders prior to the period.
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