ME-based WEX has entered into a definitive agreement to acquire Electronic Funds Source for $1.1 billion in cash and 4.0 million shares of common stock to be issued to investment funds affiliated with Warburg Pincus, EFS’ current owner. The acquisition is expected to be immediately accretive to adjusted net income.
In today’s CardFlash News Que: CHASE (Epcot); EXPENSIFY (Ventures); NBHC (FIS) and CSI (ReactorNet).
First Data has received commitments to purchase approximately $3.5 billion of its common equity in a private placement to strengthen the company’s balance sheet through repaying portions of its debt. The $3.5 billion comprising the private placement announced today includes $1.5 billion from existing investors and $2.0 billion from new investors, including a diverse group of pension funds, mutual funds, asset managers and wealthy individuals. KKR provided approximately $1.2 billion, including $500 million from its 2006 Fund and $700 million from its balance sheet. Upon close of the transaction, KKR’s balance sheet will have approximately $1.0 billion invested in First Data’s equity, through general partner and limited partner interests.
Fiserv announced that Broadway Bank extended and expanded its relationship, which chose an integrated technology suite consisting of solutions for payments, processing services, risk and compliance, business intelligence and customer and channel management. In addition to Signature, which offers a complete end-to-end solution for account processing, the Fiserv suite for Broadway Bank includes ATM and Credit Processing, the ACCEL/Exchange(R) Network, InformEnt(R), EnAct(TM), Nautilus(R), Aperio(TM), PEP+(R), Financial Crime Risk Management, Mobile Source Capture(TM), Branch Source Capture(TM), Decision Optimization Solutions and Bank Intelligence, as well as solutions for risk and compliance and item processing. The bank also utilizes Sageworks(R) for loan portfolio and credit risk management via a technology partnership with Fiserv.
DataCash and Session Digital of Magento partnered on the launch of a DataCash module offering merchants using the Magento platform secure international payments. The Magento eCommerce platform provides over 100,000 merchants globally with a high degree of flexibility and control over the user experience, content and functionality of their online store. Magento Enterprise, the company’s premiere solution, enables mid- to large-sized merchants to build and run fully functional online stores. Merchants can accept secure, international payments through DataCash’s robust payment gateway which processes over one billion transactions each year and prevents over GBP1m of attempted fraud every day. This also provides connectivity into fraud and risk management; multiple integration options; tokenisation; and recurring payments.
ProtectCell is partnering with Process Pink Payments payment processing services. Process Pink is among the leading credit and debit card payment services in the U.S. and now when a ProtectCell transaction is processed, a portion of the transaction is donated to the National Breast Cancer Foundation. The National Breast Cancer Foundation (“NBCF”) estimates that 260,000 women will be diagnosed with breast cancer this year and one in eight women will be diagnosed with breast cancer in their lifetime. Of that, nearly 40,000 women will not survive. Process Pink’s affiliation with the NBCF and ProtectCell reinforces the NBCF’s mission to save lives by increasing awareness of breast cancer through education and by providing mammograms for those in need.
PacketMotion User Activity Management (UAM) solutions is deploying its “PacketSentry” UAM solution to address Health Insurance Portability and Accountability Act (HIPAA) compliance regulations. PacketMotion’s “PacketSentry secures PHI and healthcare organizations improve their compliance efforts around important regulations in the healthcare industry, including HIPAA, the HITECH Act, PCI DSS, SOX, and state disclosure laws. With advanced HIPAA reporting capabilities that cut audit report preparation from a week to a matter of hours, PacketSentry delivers a comprehensive solution for healthcare compliance that spans all major databases and platforms, including legacy applications that lack proper audit controls.
TX-based MotherFund creative financial solutions for businesses has expanded its call center staff to serve the increasing demand for non-traditional working-capital programs, like its popular Merchant Cash Advance. The Company’s products such as these are based on accounts receivable financing or factoring. This form of financing puts a company’s financial assets to work immediately. MotherFund also offers trade receivable, credit card processing, and custom financial services.
Hitachi ID Systems has deployed its identity management suite to over 10 million users at over 800 organizations worldwide. In retail, Hitachi ID solutions help some of the world’s leading companies address challenges including PCI compliance, with which they are now required to comply. In doing so, they must implement the use of hard-to-guess passwords, effective controls over access to administrator accounts and more, and assignment of job-appropriate security entitlements. Hitachi ID Systems provides identity management solutions.
The Lumension “Endpoint Protection,” comprised of Lumension “Device Control,” “Application Control” and “AntiVirus,” has been awarded a 5-Star Rating by SC Magazine for its integration with existing environments and features and benefits available across application control, device control and threat management capabilities. With Lumensionâs Endpoint Protection suite, organizations can prevent known and unknown malware as well as centrally manage, monitor and control applications. By employing an application whitelisting approach, users can ensure that only authorized applications are allowed to run on laptops, PCs, mission-critical servers and POS terminals, preventing the execution of unknown or malicious code. This comes on the heels of a 4-star rating by SC Magazine of Lumension “Scan.”
FNDS3000 Corp international prepaid processing company announced its financial and operational results for its third fiscal quarter, ended May 31, with a total revenue of $277,383, up 436% from $51,791. The number of prepaid cards issued and also activated rose to approximately 13,700 from zero thanks to not having commenced production roll-out of its prepaid payroll card programs until January 2010. As of June 30, 2010, the total number of prepaid cards issued and also activated had increased to approximately 18,000 with more than 60 million rand (US$8 million) in total value loaded to the cards. Additional disclosures show transaction fees accounted for $124,000 of total revenue, compared to $7,000 in the prior year; sales of plastic cards and security tokens increased 85% to $74,000 from $40,000; and processing fee-related revenues climbed 1300% to $70,000 from $5,000.
User Activity Management provider PacketMotion has released its new “PacketSentry” with
Virtual Segmentation solution to meet PCI-DSS compliance mandates.
Consisting of “PacketSentry Manager” and “Probe”, “PacketSentry with
Virtual Segmentation” manages multiple control activities concurrently,
including privileged user controls, in-scope systems change management,
and data access audits. PacketSentry is comprehensive enough to adapt to
ever-changing controls to accommodate PCI DSS requirements that are
updated frequently, addressing one of the industryâs biggest challenges
to meeting PCI DSS compliance mandates. Finally, the solution delivers
cost reductions that can benefit enterprises in terms of internal threat
security as well. PacketSentry with Virtual Segmentation features no
in-line appliances (so no potential impact to applications) and control
policies based on Microsoftâs Active Directory group membership.
PacketMotionâs User Activity Management (UAM) solutions enable mid- to
large-sized enterprises to simplify and lower the cost of meeting their
compliance/audit requirements while
delivering security functionality such as the ability to immediately
stop user behavior that violates internal policies.