Global Payments Inc. on Jan. 5 reported a 20% increase in fiscal second-quarter revenues, to $530.5 million from $443.5 million during the same period ended Nov. 30 in 2010. Net income rose 14%, to $61.2 million from $53.5 million.
Executives from the Atlanta-based processor cited expanded growth in Spain and a boost in merchant acquiring in Russia as key factors driving the growth.
“We increased our distribution in Russia by acquiring a merchant business with more than 6,000 merchants from Alfa-Bank,” Global Payments CEO Paul Garcia noted in a press release.
Citing potential momentum for the second half of the fiscal year, Garcia noted Global Payments has signed an agreement to acquire CyberSource’s U.S. merchant-acquiring portfolio from Visa Inc.