The Western Union Company announced it has completed the acquisition of Travelex Global Business Payments, making the combined company the world’s leading non-bank provider of cross-border business payments.
Together, the combined business will offer its more than 95,000 business clients – mostly small and medium-sized enterprises (SMEs) – immediate scale and expanded global reach in the estimated $24-billion international SME cross-border business payments market.
“Business-to-business payments are one of Western Union’s three key areas of focus,” said Hikmet Ersek, President and CEO, Western Union. “With the closing of this acquisition, we have a very strong position in a market that has significant growth potential. Building on our existing strong global fundamentals – our brand, Agent network and regulatory expertise – we are creating a larger, stronger and more dynamic organization focused on a market that we believe to be underserved. The combined organization will allow us to serve businesses around the globe better and faster, with world-class customer service.”
Business customers are able to send cross-border payments in over 140 currencies from 18 countries, with more countries to be added in 2012. Clients currently include businesses in a variety of industries, including import and export, wine and spirits, agriculture, mining and legal, as well as financial, nonprofit and educational institutions.
“I am proud of the progress our Business Solutions division has made over the last two years,” said Raj Agrawal, Executive Vice President and President, Western Union Business Solutions. “With the addition of Travelex Global Business Payments’ expertise, strong customer relationships and innovative solutions, we see a great opportunity to expand into new markets and offer better solutions than either company could achieve alone.”
Western Union plans to integrate Travelex Global Business Payments into the Business Solutions division in the coming months. The acquisition adds over 1,000 new employees to Western Union, bringing global employment for the Fortune 500 company to over 8,000. The Western Union Business Solutions division will be headquartered in London.