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Xoom acquires BlueKite

05 February 2014  |  787 views  |  0 Source: Xoom Corporation

Xoom Corporation (NASDAQ: XOOM), a leading digital money transfer provider, today announced it has acquired BlueKite, LTD, a cutting edge technology company that develops solutions and applications to improve the way people around the world pay their bills.

Xoom acquired BlueKite for approximately $15 million in cash and equity.

BlueKite has built a robust technology platform for cross-border bill payments and mobile phone top ups. This acquisition will allow Xoom to offer adjacent services to their burgeoning money transfer offerings, with the ability to pay bills for their loved ones, as well as top-up mobile phones. By facilitating safe, reliable and accurate cross-border bill payments, Xoom will be able to help its customers take even better care of family members back in their home country. Guatemala City-based BlueKite currently has 30 employees.

"I am very pleased to announce that Xoom has acquired this exciting, young company, BlueKite. By adding these services, Xoom continues to broaden our relationship with our customers, and in so doing, create greater lifetime value and increased loyalty to the Xoom brand," said John Kunze, President and CEO for Xoom. "We're excited to build out bill pay and top-up services and enlarge and strengthen the Xoom team with our new development center in Guatemala City. This development center will also augment our San Francisco product and development efforts."

Bobby Aitkenhead, former CEO of BlueKite, will report to Kunze as vice president in charge of Xoom Bill Pay and Xoom Top Up. "Xoom's online and mobile platforms are disrupting traditional forms of money transfer, and we are thrilled to be part of the Xoom team," said Aitkenhead. "The people, technology, consumer reach, and brand appeal are a perfect fit for our company. We all look forward to a great future together and contributing to Xoom's mission of offering customers convenient, fast and cost-effective ways to send money." Initial product services will be announced later this year.

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