20 September 2017
Find out more

First American Payment Systems acquires Govolution

01 November 2005  |  1415 views  |  0 Source: First American Payment Systems

First American Payment Systems, L.P. (First American), one of the fastest growing merchant credit card processing acquirers in the United States, today announced the acquisition of Arlington, Virginia-based Govolution, Inc.

Govolution is a leading provider of electronic payment technology and services to the public sector. The company enables federal, state and local governments and their depository financial institutions to electronically process consumers' credit, debit and ACH payments made through a variety of methods, including Internet, telephone or in person. Govolution provides not only an application to process electronic transactions but also to interface with the government's own systems, enabling reporting and transactions through a consolidated environment.

Industry analysts estimate that more than $9 trillion is collected annually for taxes, tolls, citations, permits and payments for public sector organizations and other regulated industries. Consumer demand is shifting those payments away from paper-based methods, such as cash and check, towards electronic payments. The acquisition of Govolution gives First American a distribution channel into the fast emerging consumer-to-government electronic payments market.

"We believe that Govolution has the most robust technology available in the government e-payment sector," said Neil L. Randel, president and chief executive officer of First American. "Utilizing Govolution's outstanding management team, we plan to aggressively market and expand into this rapidly growing market."

Christopher Flaesch, president and chief executive officer of Govolution, said that the acquisition will enable Govolution to further develop its already strong market position. "With the financial strength and product breadth of First American, we will make Govolution's industry-leading solutions even better and further expand our presence in the government market," Mr. Flaesch said.

"First American's acquisition of Govolution opens an exciting new chapter in the ongoing development and deployment of our enterprise e-payment solutions," said Govolution co-founder, chief technology officer and chairman Joshua E. Bixler. "What began as the first secure Internet credit card collections system approved by the U.S. Department of the Treasury has matured to become the recognized standard for state and local government payments coast-to-coast," he added.

Terms of the acquisition were not disclosed. Govolution will continue to be headquartered in Arlington, Virginia.

Comments: (0)

Comment on this story (membership required)

Related blogs

Create a blog about this story (membership required)
visit www.capgemini.comvisit www.temenos.comvisit www.abe-eba.eu

Top topics

Most viewed Most shared
JPMorgan Chase chief says he would fire traders dealing in bitcoin for stupidityJPMorgan Chase chief says he would fire tr...
10530 views comments | 16 tweets | 29 linkedin
Equifax hack: Visa and Mastercard flag 200k compromised credit cardsEquifax hack: Visa and Mastercard flag 200...
10033 views comments | 6 tweets | 17 linkedin
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
9325 views comments | 21 tweets | 39 linkedin
Dutch bank sentences teenage DDoS culprit to community serviceDutch bank sentences teenage DDoS culprit...
8970 views comments | 6 tweets | 3 linkedin
UAE banks pool cyber security dataUAE banks pool cyber security data
7400 views comments | 5 tweets | 4 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job