Merchant payment processor Global Payments announced this morning that it is entering the consumer money transfer business via the acquisition of DolEx Money Express, the fourth largest money transfer player in the U.S. to Latin America corridor. Global Payments is paying $200 MM to acquire this business which last year had revenues of about $70 MM.
“This expansion of our payment processing model is consistent with our
strategy to acquire companies in profitable, high growth sectors of the
payments industry that have strong competitive advantages, revenue growth and
earnings accretion,” said Paul R. Garcia, chairman, president and CEO of
Global Payments. “I welcome a seasoned and talented DolEx management team,
who are dedicated to the long-term success of their company. This transaction
will unite the expertise and strengths of two great organizations,” continued