Equiniti, the leading provider of technology and solutions to some of the best known brands and public sector organisations in the UK, has exchanged contracts to acquire TransGlobal Payment Solutions (“TransGlobal”).
TransGlobal is the technology company that powers the platform for the Group’s foreign exchange payments business, Equiniti International Payments. The acquisition is subject to certain procedural matters that are expected to be concluded in the next six weeks.
TransGlobal provides foreign exchange payments via PayFac, a proprietary cloud based foreign exchange and payment platform servicing a global portfolio of corporate clients. Equiniti has worked in partnership with TransGlobal since the launch of Equiniti International Payments in 2011, and so the software is already fully integrated within existing operations.
The transaction follows a series of capability enhancing acquisitions for the Group focused on technology, including the acquisitions in 2014 of Invigia, which provides complaints, case and feedback management software and Pancredit, which provides loan administration and origination platforms; TransGlobal follows this trend as an emerging disrupter in the payments space.
The deal will provide an exit for SME investor Enterprise Ventures, which first backed TransGlobal following its launch in 2007 and provided second round funding in 2010, investing from the Coalfields Funds.
Guy Wakeley, Chief Executive of Equiniti, said: “Equiniti International Payments is experiencing strong growth and has an exciting pipeline of prospects. The acquisition of TransGlobal will strengthen our market offering by transferring ownership of the technology and future development to Equiniti, enabling us to drive further growth. It also supports the Group strategy of acquiring and developing innovative technology platforms in the FinTech space.
Wayne Thomas, who led the deal for Enterprise Ventures, said: “TransGlobal Payment Solutions provides companies with a simpler, more cost-effective way to manage international transactions and is a rising star within the UK’s FinTech sector. The deal will provide it with a platform for growth as part of a leading currency solutions provider and allow Equiniti to enhance its technological capabilities. It also allows us to deliver our investment case.”