SUMMARY DESCRIPTION

• Payments processor for card issuers
• Flexible robust and seamless solution
• Full range of programme management solutions
• One stop shop service to design and rollout a new card or card programme
• Operating system runs on a cloud based network

OPPORTUNITY/INVESTMENT THESIS

• Lower cost, more flexible, more advanced technology solution to issuer processing
• Market served by large more complex players, for example First Data, where less flexible legacy systems provide lower response and service levels
• Many opportunities with smaller issuers in US
• Loyalty programmes in US and UK provide opportunity for high service, bundled offers