STRATEGIC PARTNERS
March 14, 2014
E-payments processor and IAD Euronet Worldwide Inc. has announced an agreement to acquire U.K.-based HiFX, a provider of online-initiated international payments. A news release from Euronet said the HiFX account-to-account international payment service will complement the company's existing Ria consumer-to-consumer money transfer business.
HiFX serves high-income individuals and small-to-medium-sized businesses, and offers a multi-channel platform that allows customers to make transfers, track payments and manage payment activity online or through a customer service representative.
The company works with more than 80,000 private individuals and 6,000 corporate clients worldwide, and transferred more than $15 billion for customers in the U.K., Australia, New Zealand and Europe in 2013, Euronet said.
Michael J. Brown, Euronet chairman and CEO described the benefits that would accrue to both companies as a result of the acquisition.
HiFX is a fast-growing leader in the cross-border payments sector. Their online presence, affordable rates, and deep knowledge of foreign exchange markets and account-based transfers will complement Ria, our consumer-to-consumer money transfer brand.
The acquisition of HiFX gives us access to the 9.9 billion payment transaction market, which is dominated by more traditional financial service providers. The strength of the combined companies will allow both HiFX and Ria to broaden their product offerings, extend their geographic reach, and improve their online platforms, providing clients with a faster, easier-to-use and more convenient customer experience ...
Euronet will pay £145 million ($242 million) for HiFX and expects the deal to close in the second quarter, subject to customary regulatory approvals and closing conditions.
