The new addition allows Convera to focus on its planned investments to transform cross-border payments in the coming years. The company works with clients including small business owners, corporate treasurers, law firms and NGOs to provide payment services and foreign exchange products.
Its CEO, Patrick Gauthier, commented on the recently completed acquisition of WUBS.
“We are pleased to officially complete this transition and integrate all of our European operations into Convera,” said Gauthier. “Convera has undergone a significant transformation over the past two years, building on Western Union’s legacy of business solutions while positioning the company for growth in the digital age.”
Western Union Business Solutions is a foreign exchange and international payments provider. In August 2021, the company said it would change its name to Convera after completing a $910 million deal. In March 2022, a consortium of Goldfinch Partners and The Baupost Group completed the first phase of the acquisition of the Western Union business unit.
The transaction was completed with the help of legal counsel from Skadden, Arps, Slate, Meagher & Flom LLP, a US law firm specializing in corporate mergers and acquisitions.
Convera helps more than 30,000 customers around the world move money, allowing them to save money on every transaction. The company currently offers transactions in more than 140 currencies and a financial network covering more than 200 countries and regions.
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Gauthier concluded: “We look forward to continuing this transformation through innovation and new partnerships with customers around the world.”
