First Data Corp. Acquires Paymap Inc.
Addition Allows First Data Subsidiary Western Union To Offer New Money Management Solutions
biz.yahoo.com
DENVER, April 9 /PRNewswire/ -- First Data Corp. (NYSE: FDC), a global leader in electronic commerce and payment services, today announced the acquisition of Paymap Inc., a San Francisco-based financial services company offering proprietary electronic payment services to financial institutions. Financial terms of the deal were not disclosed.
Paymap will become part of First Data's Western Union Financial Services subsidiary. Its addition will aid Western Union in its goal of extending its current portfolio of payment services into previously unserved markets. By broadening the scope of its services, Western Union will offer the convenience and value of a full range of funds transfer, bill payment and related financial services to a wider range of consumers and commercial clients. The company will continue to operate under the Paymap name and under the direction of its current management team.
Formed in 1993 with an investor group led by Montreux Equity Partners, a Menlo Park, Calif. based venture capital firm, Paymap develops, markets and services innovative electronic payment services, primarily for the mortgage industry. Paymap's services enable consumers to manage their finances more efficiently, making it easier to manage debt, protect credit and achieve financial goals.
Paymap's Equity Accelerator® service enables consumers to establish a customized electronic mortgage payment program to achieve early payoff, while its Just In Time EFT® service provides an electronic solution to last minute mortgage payments, eliminating the need for traditional, paper-based methods of payment. Western Union and Paymap plan to expand the company's services to not only serve the mortgage industry, but also branch out into new segments of the payments market.
``Paymap is a strong strategic fit for First Data and Western Union,'' said Joe Jackson, president, Western Union Commercial Services. ``Paymap's services complement Western Union's bill payment services and offer us an exceptional, growth-oriented addition to our portfolio. The addition of Paymap will aid Western Union in fulfilling its commitment to offer a wide variety of payment solutions to both consumers and businesses.''
``With a large portion of electronic payment markets as yet untapped, our ability to leverage the resources of First Data and Western Union will help Paymap to expand its current market share and explore new market segments,'' said Martin Hughes, president, Paymap Inc. |
