First Data Acquires Internet Payment Company Achex
Online Payment Platform to Integrate with Existing First Data Internet Services
biz.yahoo.com
DENVER, July 9 /PRNewswire/ -- First Data Corp. (NYSE: FDC - news), a leader in electronic commerce and payment services, today announced it has acquired, Achex, Inc. (http://www.achex.com), an online payments provider. Financial terms were not disclosed.
Known for its online checking account-based payment solution for businesses and consumers, Achex' technology uses the Internet and existing payment networks to transfer funds online in a simple, convenient and secure manner.
The acquisition provides First Data a new Internet technology infrastructure that will integrate with many of its online payment services, offering new merchant integration capabilities and expanding the company's Internet payments presence. eONE Global, a First Data company formed last fall to identify and develop promising emerging payment technologies, had already been an equity investor in Achex.
``Achex is a great fit for our business due to the explosive growth potential we see in the online payment business,'' said Charles T. Fote, president and chief operating officer for First Data Corp. ``This also really demonstrates our eONE Global strategy in action -- eONE Global identified the synergies with Achex early on -- and First Data now has a partner in Achex that greatly complements our TeleCheck business and provides additional payment alternatives for our merchants.''
``First Data brings the resources and industry expertise that will strengthen Achex' position in the marketplace,'' said Elaine Bolle, Achex president and chief executive officer. ``The Achex platform complements other First Data Internet payment services and emerging payment technologies.''
Founded in 1999, San Francisco-based Achex will continue to grow its current business and will be led by Bolle and her existing management team. Following the acquisition, Achex will continue to provide payment services to existing customers and merchants at online sites including Kmart's site, Bluelight.com, Netgrocer.com and others |
