DENVER, June 6 /PRNewswire-FirstCall/ -- To further extend its line of
products under the Western Union product portfolio, First Data Corp.
(NYSE: FDC), a global leader in electronic commerce and payment services,
today announced it has signed a definitive agreement to acquire E Commerce
Group, Inc. (ECG), an electronic bill payment and presentment company based in
New York. ECG will operate as a part of the Western Union family of
businesses.
Financial terms of the deal were not disclosed. The closing is subject to
regulatory approval and other closing conditions.
The purchase of ECG aligns with First Data's and Western Union's goal of
expanding into new markets and businesses through strategic acquisitions, and
complements the company's current products and services, specifically the
suite of bill payment services offered to commercial clients. ECG will
continue to operate under the guidance of its current management team.
"Western Union has long been a leader in providing consumers and
businesses with a wide variety of electronic payment solutions," said Joe
Jackson, president, Western Union Commercial Services. "To meet the growing
needs of our clients, we are always looking to enhance our current offerings
and add new complementary products and services. The addition of ECG's
flagship product Speedpay(R), to our product portfolio will give our clients
yet another means to quickly and conveniently receive electronic payments. It
also allows us to reach out to new clients in new market segments, providing
Western Union with even greater potential for growth."
ECG developed and markets Speedpay, a proprietary technology that allows
companies to receive electronic bill payments through multiple sources
including call centers, automated voice response units, and the Internet.
ECG, in the fall was ranked among the 200 fastest growing privately-owned
companies in the U.S. by Inc. magazine and among the ten fastest growing
privately-owned companies in New York City.
"Teaming with First Data and Western Union will allow the company to offer
its customers an even broader range of products and services, thereby allowing
the company to accelerate its already robust growth," said Darren Manelski,
ECG's founder and chief executive officer. "Operating under the auspices of
First Data/Western Union will enhance an already compelling payment service
offering."
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 124,000 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 .
About E Commerce Group, Inc.
E Commerce Group, Inc. was founded in 1989, and provides a comprehensive
suite of e-commerce products, electronic bill payment and presentment systems,
integration services and bankruptcy recovery software. The New York-based
company's Speedpay(R) software provides custom-tailored electronic payment
applications for many of the country's leading financial services companies,
retailers and utilities. For more information about E Commerce Group, please
visit http://www.ecommercegroup.com .
SOURCE First Data Corp.
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Related links:
http://www.firstdata.com
CONTACT:
Wendy Carver Herbert of Western Union
Financial Services, Inc., +1-303-967-6416,
wendy.carver@firstdatacorp.com
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