Clear2Pay buys Lexcel Solutions

Source: Clear2Pay

Clear2Pay, the international technology provider of next generation payment solutions for financial institutions, today announces it has acquired Lexcel Solutions, a US-based provider of payment test applications for core payment platforms and system capacity.

This acquisition complements the company's current range of test solutions.

Lexcel Solutions provides payment testing software and services to third-party payment transaction processors, debit and credit networks, financial institutions, retailers, ATM/POS manufacturers and government organizations. Lexcel's expertise and test solutions along with Clear2Pay's Integri-branded test product range will create one of the most robust end-to-end testing platforms in the marketplace. The Lexcel team remains in place and now collaborates closely with the Clear2Pay team to foster the growth of test products and test services in North America. Lexcel's clients include major US banks and foremost companies such as Heartland Payment Systems, STAR Network, Wincor Nixdorf, Mercury Payments, United States Postal Service, and WorldPay.

Michel Akkermans, Chairman and Chief Executive Officer of Clear2Pay states: "The Lexcel acquisition is a perfect fit with our growth strategy of both expanding our footprint, as well as our product range. We feel that payments modernization requires more than flexible technology alone. Testing across the full process chain from device manufacturer to processor and the end user is of vital importance to the delivery of secure payments or value in an increasingly unified and hybrid world. With the new combined test tool offering we can support the broadest possible range of devices and technologies and thus develop testing as a strategic line of business for the bank, card and mobile payment space alike".

"We are excited to be part of Clear2Pay, a company that takes a holistic view on the demands of the payments industry with its technology, solutions and people. This creates great opportunities not only for Lexcel, but for our customers as well," said Carl Kubitz, President and Chief Executive Officer of Lexcel. "We are looking forward to expanding the array of test and payment solutions to our current and Clear2Pay's customers".

Jürgen Ingels, Chief Financial Officer and co-founder of Clear2Pay concludes: "The Lexcel acquisition is the second deal funded by the proceeds of our 50 million euro capital increase, a fund raising round we concluded late 2009 with a consortium led by Aquiline Capital Partners. We expect more acquisitions to follow in the coming quarters that will further enhance Clear2Pay's position in the global payments industry."

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