PAYMENTS

Goldfinch Partners and Baupost Closes Acquisition of Western Union Business Solutions for $910 million

Goldfinch | March 02, 2022

Goldfinch_Partners_and
Goldfinch Partners LLC and The Baupost Group, LLC announce their milestone achievement by closing the Western Union Business Solutions (WUBS) acquisition for $910 million. WUBS will be renamed Convera as a new standalone B2B global payments company. In 2021, it registered beyond 20 percent revenue gain and payments volume of $170 billion. Patrick Gauthier will be serving as Convera’s CEO.

About this news, Mr. Gauthier shared his words. He says, “At Convera, our purpose is to make global payments so easy that every business around the world can grow with confidence. Convera incorporates the agility of a fintech with the scale, sophistication, and breadth of capabilities of a global financial institution. We plan to bring innovation, value, and exceptional service to our customers with focused investments in our product offerings, technology, and people.”

Convera is known for being the largest non-bank fintech in B2B payments at the global level. Its seamless payment infrastructure makes the cross-border money transfer process stress-free and straightforward, thus allowing its customers to use the platform with ease globally. The payment business significantly reaches 140+ currencies around 200+ countries and 60+ global banking partners. Customers registered with the platform’s usage is recorded to be more than 30,000 from across small and medium-sized businesses, law firms, financial institutions, educational institutions, and NGOs.

We are eager to reach this important milestone in Convera’s next chapter. We’re particularly excited to be bringing Patrick on board, which we have known and admired for years. We have full confidence in his ability to further position Convera for significant growth, with its unparalleled scale, diverse and loyal customer base, and breadth of solutions.”

Bill McNichols, managing partner and co-founder of Goldfinch Partners

Furthermore, Convera will involve multiple veteran fintech professionals to its leadership team, mainly from Amazon, BCG Digital Ventures, BCG, PayPal, and Visa. The names include Dharmesh Syal (Chief Technology Officer), Jodi Krause (Chief People Officer), Drew Weinstein (Chief Commercial Officer), and Jody Visser (Chief Transformation Officer). They are joining the existing WUBS leadership team, including Andrew Summerill (Chief Financial Officer), Michel Foricher (Head of Operations), and Tristan van der Vijver (Chief Compliance and Risk Officer).

Spotlight

Asia and the Pacific continues to be the world's top destination for foreign direct investments, which in 2015 reached $527 billion or nearly 30 per cent of the world's total. However, in the same year trade growth in the region decelerated to 2.3 per cent, below the 2.7 per cent growth in global trade. The UK has been one of the top recipients of FDI among advanced economies and the biggest recipient of FDI flows into the EU.

Spotlight

Asia and the Pacific continues to be the world's top destination for foreign direct investments, which in 2015 reached $527 billion or nearly 30 per cent of the world's total. However, in the same year trade growth in the region decelerated to 2.3 per cent, below the 2.7 per cent growth in global trade. The UK has been one of the top recipients of FDI among advanced economies and the biggest recipient of FDI flows into the EU.

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Vervent Acquires Total Card

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Conferma Pay Expands Partnership For Corporate Virtual Pay

Conferma Pay, SAP Concur | March 04, 2021

Conferma Pay will currently have an expanded job in the SAP Concur association, which will incorporate giving virtual payment technology across all SAP travel and expense products. The new Conferma Pay with Concur incorporation implies businesses utilizing SAP Concur arrangements will actually want to get to better tools for making and overseeing payments, the release expressed. The coordination will help take care of the issue of onboarding new providers when organizations don't have the correct tools to help control payments made by partners working from home. Presently, organizations will actually want to allow businesses to pay utilizing virtual cards rather than legacy checks or bank transfers, according to the release. As businesses get solicitations from providers, the release expressed, the technology allows organizations to maintain a strategic distance from the typical rigorous payment endorsement measure. Virtual cards are created from the receipt for the particular sum inside Concur Invoice. Pre-authorized payment subtleties are given securely to handling by providers. Then the virtual payment is automatically accommodated against the receipt, which will assist with decreasing manual work. Virtual B2B payments are an augmentation of the advancements encompassing general computerized pay, which can assist with reducing trouble spots like significant expenses and moderate preparing with conventional legacy draws near.

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Global Payments Agrees to Acquire MineralTree, a Leader in Business-to-Business (B2B) Software-Led Payments

Global Payments | September 09, 2021

Global Payments Inc., a leading worldwide provider of payment technology and software solutions, today announced an agreement to purchase MineralTree, a leading provider of accounts payable automation and business-to-business (B2B) payments solutions, from an investor group led by Great Hill Partners, .406 Ventures and Eight Roads Ventures. MineralTree’s software-as-a-service (SAAS) offerings automate key procurement processes, including invoice capture, coding and approval, and enable virtual cards and integrated payments options across a variety of key vertical markets to digitize payables for thousands of customers. In combination with Global Payments' existing B2B payments capabilities, including leadership in commercial payments, domestic and international acquiring, payroll, data and analytics, access to non-card based rails and virtual card provisioning, MineralTree’s cloud native solutions substantially expand Global Payments’ target addressable markets and provide significant incremental avenues for growth in one of the most attractive technology markets. Global Payments also will provide unique advantages for buyers, suppliers and employers through the creation of new virtual networks, deepening its competitive moat by expanding the company’s arsenal of distinctive marketplaces and ecosystems. “B2B reinforces each of the legs of our strategic stool, including software primacy, a leading ecommerce franchise and an unmatched presence in many of the most attractive markets worldwide,” said Jeff Sloan, Chief Executive Officer, Global Payments. “Post our merger with TSYS in 2019, we have many of the elements of a successful B2B offering. The addition of MineralTree’s digitized payables solutions enhances our B2B product suite and expands our opportunity set in one of the largest and most underpenetrated markets in software and payments. We intend to scale our combined B2B initiatives more quickly by leveraging our extensive distribution channels and leading cloud centric technologies globally.” Under the terms of the acquisition agreement, Global Payments will acquire MineralTree for $500 million in cash. Global Payments will finance the acquisition with its existing credit facility and cash on hand. The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to close in the fourth quarter of 2021. About Global Payments Global Payments Inc. is a leading payments technology company delivering innovative software and services to our customers globally. Our technologies, services and team member expertise allow us to provide a broad range of solutions that enable our customers to operate their businesses more efficiently across a variety of channels around the world. Headquartered in Georgia with nearly 24,000 team members worldwide, Global Payments is a Fortune 500® company and a member of the S&P 500 with worldwide reach spanning over 100 countries throughout North America, Europe, Asia Pacific and Latin America. About MineralTree MineralTree provides modern, secure, easy-to-use, end-to-end Accounts Payable (AP) Automation solutions that reduce costs by more than 75%, increase visibility and control, and mitigate fraud and risk, while improving cash flow. More than 3,000 companies and financial institutions, from the mid-market to the Fortune 500, rely on MineralTree to digitize and optimize the entire AP Automation and Payment process. As a result, they are able to preserve control over the complete invoice-to-payment workflow, improve vendor relationships, maximize ROI, and transform the finance function from a cost center to a profit center.

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