Non-bank B2B fintech company Convera has completed its acquisition of Western Union Business Solutions (WUBS). WUBS was acquired by private equity firms Goldfinch Partners and The Baupost Group in 2021 for $910 million and renamed Convera, a new independent payments business.
Convera applies industry expertise and technology-led payment solutions to provide its more than 30,000 customers around the world with smarter money movement. With annual revenue exceeding $500 million, fintech companies continue to deliver record performance.
With this finalization, the company will focus on its planned investments to transform cross-border payments in the coming years.
Convera’s clients range from small business owners and corporate treasurers to educational institutions, financial institutions, law firms and NGOs. Convera runs on AWS cloud infrastructure and offers a variety of products from simple currency exchanges to complex hedging solutions.
Convera CEO Patrick Gauthier “We are pleased to officially complete this transition and integrate all of our European operations into Convera. Over the past two years, the company has undergone a significant transformation, building on the legacy of Western Union Business Solutions while positioning the company for the digital age. The foundation has been laid for growth. We look forward to continuing this transformation through innovation and new partnerships with customers around the world.”
Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to Goldfinch Partners LLC and The Baupost Group, LLC throughout the transaction.
Convera is a global B2B payments company providing payment services and foreign exchange products to companies of all sizes. With expertise in global foreign exchange management and funds transfer, the company offers transactions in more than 140 currencies and a financial network covering more than 200 countries and regions.
from Tech Empire Solutions https://techempiresolutions.com/convera-completes-acquisition-of-western-union-business-solutions/
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