Alphyra, a Dublin-based firm that develops and supplies electronic prepaid services, said yesterday it had spent up to €40 million on acquisitions since 2003.

Mr John Nagle, Alphyra chief executive, said the bulk of this cash was spent on the purchase of German firm EVS GmbH, a major deal announced yesterday.

EVS provides electronic top-up services for mobile phones and has developed a range of wireless terminals, vending machines and integrated point-of-sale terminals. No price was disclosed but it is thought to be around €25 million.

Mr Nagle said the acquisition would make Alphyra the biggest independent prepaid service provider in Europe. He said the firm was generating revenues in excess of €100 million every year and had its terminals in more than 100,000 terminals in retailers across the continent.

Alphyra's electronic terminals enable consumers to pay for mobile phone top-up credits and a range of utility bills in shops.

Mr Nagle said Alphyra was lucky enough to have a strong shareholder, Benchmark Capital, which was willing to provide investment to enable it to acquire other firms and grow rapidly.

Benchmark Capital financed a management buyout at Alphyra in 2003, which had previously been listed on the stock market.

Since it was taken private, Alphyra has acquired companies in the Republic, Sweden, the Netherlands and now Germany.