Addition Allows First Data Subsidiary Western Union
To Offer New Money Management Solutions
DENVER, April 9 /PRNewswire/ -- First Data Corp. (NYSE: FDC), a global
leader in electronic commerce and payment services, today announced the
acquisition of Paymap Inc., a San Francisco-based financial services company
offering proprietary electronic payment services to financial institutions.
Financial terms of the deal were not disclosed.
Paymap will become part of First Data's Western Union Financial Services
subsidiary. Its addition will aid Western Union in its goal of extending its
current portfolio of payment services into previously unserved markets. By
broadening the scope of its services, Western Union will offer the convenience
and value of a full range of funds transfer, bill payment and related
financial services to a wider range of consumers and commercial clients. The
company will continue to operate under the Paymap name and under the direction
of its current management team.
Formed in 1993 with an investor group led by Montreux Equity Partners, a
Menlo Park, Calif. based venture capital firm, Paymap develops, markets and
services innovative electronic payment services, primarily for the mortgage
industry. Paymap's services enable consumers to manage their finances more
efficiently, making it easier to manage debt, protect credit and achieve
financial goals.
Paymap's Equity Accelerator(R) service enables consumers to establish a
customized electronic mortgage payment program to achieve early payoff, while
its Just In Time EFT(R) service provides an electronic solution to last minute
mortgage payments, eliminating the need for traditional, paper-based methods
of payment. Western Union and Paymap plan to expand the company's services to
not only serve the mortgage industry, but also branch out into new segments of
the payments market.
"Paymap is a strong strategic fit for First Data and Western Union," said
Joe Jackson, president, Western Union Commercial Services. "Paymap's services
complement Western Union's bill payment services and offer us an exceptional,
growth-oriented addition to our portfolio. The addition of Paymap will aid
Western Union in fulfilling its commitment to offer a wide variety of payment
solutions to both consumers and businesses."
"With a large portion of electronic payment markets as yet untapped, our
ability to leverage the resources of First Data and Western Union will help
Paymap to expand its current market share and explore new market segments,"
said Martin Hughes, president, Paymap Inc.
About Western Union Financial Services, Inc. and First Data
Western Union Financial Services, Inc., a subsidiary of First Data Corp.
(NYSE: FDC), is an international leader in consumer money transfer services.
Consumers can quickly, safely and reliably pay bills and transfer money around
the globe using the company's proprietary money transfer network. Western
Union and its subsidiary, Orlandi Valuta, together make up one of the world's
largest money transfer networks with a total of approximately 120,000 agent
locations in more than 185 countries and territories. Famous for its
pioneering telegraph service, the original Western Union dates back to
1851 and introduced electronic money transfer service in 1871. For more
information, please visit the company's Web site at http://www.westernunion.com .
First Data Corp., with global headquarters in Denver, helps power the
global economy. Serving approximately 2.8 million merchant locations,
1,400 card issuers and millions of consumers, First Data makes it easy, fast
and secure for people and businesses to buy goods and services, using
virtually any form of payment: credit, debit, smart card, stored-value card
or check at the point-of-sale, over the Internet or by money transfer. For
more information, please visit the company's Web site at http://www.firstdata.com .
SOURCE Western Union Financial Services, Inc.
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Related links:
http://www.westernunion.com
http://www.firstdata.com
Company News On-Call:
http://www.prnewswire.com/comp/138116.html
http://www.prnewswire.com/comp/103364.html
CONTACT:
Wendy Carver-Herbert of First Data Corp.,
+1-303-967-6416, wendy.carver@firstdatacorp.com
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