Leading global payments provider WorldPay today announced that it is set to acquire Envoy Services Limited, a leading provider of alternative payment solutions to eCommerce merchants worldwide, for an undisclosed amount.
Established in 2005, Envoy is a UK FSA-regulated global payments service that offers single point access to popular local payment and collection services worldwide. The company provides international eCommerce merchants with the broadest coverage for alternative payment acceptance through a global network of over 200 local bank accounts and 40 alternative payment services as well as a leading fraud screening service. The company is headquartered in London.
WorldPay Group CEO Ron Kalifa said: "The acquisition of Envoy confirms WorldPay's status as the leading player in global eCommerce payments and fraud prevention and signifies a renewed focus on innovation for our customers."
Following the acquisition, Envoy will continue to operate its current business model, and the existing Envoy management team will join the senior leadership of WorldPay's eCommerce business unit.
Envoy founder and CEO, Phillip McGriskin, commented: "We are delighted to be joining the WorldPay team and see a unique window of opportunity to create a truly differentiated, market-leading proposition for global merchants."
Floris de Kort, CEO of WorldPay's eCommerce division, added: "Following this transaction, online merchants will, for the first time, be able to obtain world-class gateway, card, alternative payment, fraud prevention and other value-added services via one reliable technical connection from a payment service provider who will fully control development, customisation, quality and stability - and it will be our joint customers who set the priorities."
The acquisition of Envoy is expected to close in May 2011 after customary approvals and comes six months after private equity firms Advent International and Bain Capital formally completed their acquisition of WorldPay from The Royal Bank of Scotland Group.
FT Advisors and Weil, Gotshal & Manges acted as advisors to WorldPay; Rothschilds and Ashursts acted as advisors to Envoy Serviices.