The acquisition of Vasa Slovensko makes Edenred the market leader in meal vouchers in Slovakia, where it has been operating since 1994. Founded in 1996 and currently ranked third among local players, Vasa Slovensko generated a transaction volume of more than €120 million from 16,000 public- and private-sector companies in 2016, bringing additional revenue to nearly 2,000 partner merchants. With Edenred Slovakia and Vasa Slovensko offering a complementary fit in terms of geographical footprint and client segments, the acquisition will enable the Group to expand and diversify its existing base in a buoyant market.
As Vasa Slovensko currently offers only paper vouchers, the transaction provides an opportunity for corporate clients, employee users and partner merchants to benefit from Edenred’s digital expertise, as demonstrated by the more than 70% of the Group’s global transactions now made using digitized solutions.
“We are confident that the combination of our business with the world leader in employee benefits solutions will give our clients and their employees access to a wider range of services,” said Libor Daněk, co-founder of Vasa Slovensko.
Position as world leader strengthened
The acquisition is part of the Fast Forward strategic plan, which notably aims to increase the Group’s penetration rate in its Employee Benefits markets.
“The acquisition will allow Edenred, which already operates in Bulgaria, Hungary, Poland, Romania, Slovakia and the Czech Republic, to consolidate its leadership position in Central Europe, a region that is enjoying an economic boom. Our teams are successfully implementing an ambitious digital transformation in the region geared toward meeting the expectations of local businesses, their employees and partner merchants,” said Arnaud Erulin, Chief Operating Officer, Northern Europe, Central Europe, France and Belgium.
The transaction will be accretive to earnings from 2018.