Online Payment Platform to Integrate with Existing
First Data Internet Services
DENVER, July 9 /PRNewswire/ -- First Data Corp. (NYSE: FDC), a leader in
electronic commerce and payment services, today announced it has acquired,
Achex, Inc. (http://www.achex.com), an online payments provider. Financial terms
were not disclosed.
Known for its online checking account-based payment solution for
businesses and consumers, Achex' technology uses the Internet and existing
payment networks to transfer funds online in a simple, convenient and secure
manner.
The acquisition provides First Data a new Internet technology
infrastructure that will integrate with many of its online payment services,
offering new merchant integration capabilities and expanding the company's
Internet payments presence. eONE Global, a First Data company formed last
fall to identify and develop promising emerging payment technologies, had
already been an equity investor in Achex.
"Achex is a great fit for our business due to the explosive growth
potential we see in the online payment business," said Charles T. Fote,
president and chief operating officer for First Data Corp. "This also really
demonstrates our eONE Global strategy in action -- eONE Global identified the
synergies with Achex early on -- and First Data now has a partner in Achex
that greatly complements our TeleCheck business and provides additional
payment alternatives for our merchants."
"First Data brings the resources and industry expertise that will
strengthen Achex' position in the marketplace," said Elaine Bolle, Achex
president and chief executive officer. "The Achex platform complements other
First Data Internet payment services and emerging payment technologies."
Founded in 1999, San Francisco-based Achex will continue to grow its
current business and will be led by Bolle and her existing management team.
Following the acquisition, Achex will continue to provide payment services to
existing customers and merchants at online sites including Kmart's site,
Bluelight.com, Netgrocer.com and others.
About First Data
First Data Corp. (NYSE: FDC), with global headquarters in Denver, powers
the global economy. As the leader in electronic commerce and payment
services, First Data serves approximately 2.6 million merchant locations,
1,400 card issuers and millions of consumers, making it easier, faster and
more secure for people and businesses to buy goods and services using
virtually any form of payment. With 30,000 employees worldwide, the company
provides credit, debit, smart card and stored-value card issuing and merchant
transaction processing services; Internet commerce solutions; Western Union(R)
money transfers and money orders; and check processing and verification
services throughout the United States, United Kingdom, Australia, Canada,
Mexico, Spain and Germany. Its money transfer agent network includes
approximately 104,000 locations in more than 186 countries and territories.
For more information, please visit the company's Web site at
http://www.firstdata.com.
Notice to Investors, Prospective Investors and the Investment Community
Cautionary Information Regarding Forward-Looking Statements
Statements in this press release regarding First Data Corporation's
business which are not historical facts are "forward-looking statements." All
forward-looking statements are inherently uncertain as they are based on
various expectations and assumptions concerning future events and they are
subject to numerous known and unknown risks and uncertainties which could
cause actual events or results to differ materially from those projected.
Important factors upon which the Company's forward-looking statements are
premised include: (a) continued growth at rates approximating recent levels
for internet transactions involving payments; (b) timely, successful and
cost-effective integration of Achex technology with the processing systems of
other First Data business units to provide new products, improved
functionality and increased efficiencies; (c) development and maintenance of
appropriate business continuity plans for Achex's processing systems based on
the needs and risks relative to such system; (d) anticipation of and response
to technological changes, particularly with respect to e-commerce;
(e) attracting and retaining qualified key employees; (f) no unanticipated
changes in laws, regulations, NACHA rules or other industry standards
affecting FDC's businesses which require significant product redevelopment
efforts, reduce the market for or value of its products or render products
obsolete; and (g) successfully managing the potential both for patent
protection and patent liability in the context of rapidly developing legal
framework for expansive software patent protection.
SOURCE First Data Corp.
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Related links:
http://www.achex.com
CONTACT:
Wendy Carver-Herbert, Media Relations of
First Data Corp., 303-967-6416
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