News

FIS to acquire Clear2Pay for $484M

The purchase will bolster FIS’ global payments capabilities and enhance its abilities to deliver differentiated enterprise payments solutions, the company said.

September 8, 2014

Banking and payments technology solutions provider FIS has signed a definitive agreement to acquire Clear2Pay. The purchase of the Brussels-based payments technology company will bolster FIS’ global payments capabilities and enhance its abilities to deliver differentiated enterprise payments solutions, the company said in a news release.

FIS issued a statement from president and COO Gary Norcross about the acquisition:

The payments domain is one of the fastest-growing segments within the financial services industry and is a strategic growth and investment area for FIS. Many institutions are struggling to adapt to the evolving global payments landscape, inclusive of high-value and cross-currency corporate payments and new channels.

This strategic acquisition demonstrates our commitment to delivering the technologies and assets that will enable our clients, especially large and global institutions, to realize a truly modern payments environment that encompasses all customer channels, simplifies payment operations, reduces costs and provides a better customer experience.

Clear2Pay is recognized as one of the most innovative players in the payments technology domain and has a strong blue chip client base of top global financial institutions in Western Europe, Asia Pacific and the Americas, the release said.

“The payments landscape continues to evolve to meet the next generation of customer demands," said Clear2Pay CEO and Chairman Michel Akkermans, "We believe the combination of these two companies will be uniquely qualified to deliver true payment systems convergence.”

FIS will pay approximately 375 million euros ($484 million) to acquire 100 percent ownership interest in Clear2Pay, the company said. The transaction is subject to regulatory approvals and contractual closing conditions. FIS expects the transaction to close during the fourth quarter.