Acquiring remaining equity stake in OmniPay
First Data has entered an agreement with FEXCO, a provider of financial transaction processing, foreign exchange and outsourcing services, to acquire the remaining equity stake in OmniPay, a provider of card and electronic payment processing services to merchant acquiring banks (view press release). The agreement brings First Data’s ownership of the company to 100% – it’s had equity investment in OmniPay since 2002 and took majority equity interest in the company in August 2006. Existing partners of FEXCO will continue to have access to the OmniPay platform as will new partners. The two companies have also entered a long term agreement during which FEXCO will continue to be First Data’s preferred supplier of dynamic currency conversion (DCC) processing solutions.
“First Data’s decision to acquire the remaining 30% of the equity in OmniPay is a strong endorsement of the company and what it has achieved in the marketplace, as well as being a natural evolution of our long-term relationship with FEXCO. The OmniPay platform will be key to supporting First Data’s alliances and other strategic business units,” commented John Elkins, president of First Data’s international regions.
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