News
Wausau buys DMP Payment Systems
April 1, 2007
MOSINEE, Wis. - Wausau has acquired the assets of Data Management Products Inc., d.b.a. DMP Payment, from First National of Nebraska Inc. DMP provides automated solutions for payment and return/exception item processing, with strength in the wholesale lockbox solutions market.
According to a news release, the deal joins Wausau's share of retail lockbox and ACH solutions with DMP's top position in the wholesale lockbox market.
"This deal combines the number one retail provider with the No. 1 wholesale provider for an unparalleled position in the lockbox-solutions market," said Joe Delgadillo, Wausau's president and chief executive. "By uniting two industry leaders, customers of both companies will benefit from our expanded capabilities across the payments market space."
Wausau and DMP together process more than one-third of the industry's retail and wholesale payments, estimated at nearly 9 billion annual retail-lockbox transactions and roughly 450 million business-to-business wholesale payments. Wausau also processes more than 35 percent of the industry's accounts receivable conversion transactions to ACH.
The acquisition of DMP provides Wausau the opportunity to leverage current payment volumes with more electronic-payment capabilities and specialization in vertical-market niches, including healthcare, nonprofits, property management and government entities. The move is part of Wausau's strategy to offer a comprehensive accounts-payable-through-accounts-receivable strategy for its customers, the company says.
"The combination of Wausau and DMP unites the best of breed lockbox solutions in the market today," said Jim Mills, president of DMP
DMP, with a staff of 60, will retain its operations in Omaha, Neb. Mills is expected to continue leading the DMP organization.
"We will leverage this expertise and talent to enhance both companies' product offerings," Delgadillo said.
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