Mike Brown, chief executive of Kentucky-based Euronet Worldwide, said last week that he would "love to buy" Alphyra and revamp its culture. Brown said Euronet currently has $220m ( 183m) in cash and investments to spend on acquisitions, and that the company is targeting operations in Europe, the US and Latin America.

The publicly-listed US firm last entered into possible takeover discussions with Alphyra in 2002, but those talks stalled. In 2003, Euronet said in a statement that it is "possible that Euronet would consider a bid for Alphyra in the future under the right circumstances".

Brown said last week that he would now be interested in acquiring Alphyra. He said the firm has greater depth in smaller markets where Euronet does not currently operate. He was uncontactable by the Sunday Tribune last Friday. Alphyra declined to comment.

Last year Alphyra, which is 67% owned by Benchmark Capital, engaged Citigroup, Goldman Sachs and NCB as advisers regarding a possible trade sale or flotation.

The company is thought to be worth as much as 700m. A decision on whether to float the company is expected be taken by the summer.

The company run by John Nagle was bought out by management in 2003 in a deal that valued it at 88m.