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Canada,Ukraine : CANADA to offer $220 million to UKRAINE
Publish Date : 18-Mar-2014
E-payments processor and IAD Euronet Worldwide Inc. announced an agreement to acquire U.K.-based HiFX, a provider of online-initiated international payments. Euronet said the HiFX account-to-account global payment service will complement the company's existing Ria consumer-to-consumer money transfer business.
HiFX serves small-to-medium-sized businesses and high-income individuals, and offers a multi-channel platform that lets customers to make track payments, transfers, and manage payment activity online or through a customer service representative.
The company works with over 6,000 corporate clients worldwide and 80,000 private individuals, and transferred over $15 billion for customers in Australia, the U.K., Europe and New Zealand in 2013.
Michael J. Brown, Euronet chairman and CEO said, "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 $242 million for HiFX and anticipates the deal to close in the second quarter, subject to customary regulatory approvals and closing conditions.
