US-based Convera announced the completion of the acquisition of Western Union Business Solutions, which was launched in 2021.
Specifically, former European business Western Union Business Solutions (WUBS) has completed its transition to Convera following its acquisition in 2021 for $910 million. This final closing is important for Convera as it allows it to focus more on investments and plans to transform the crossover company. – The border payments landscape in the coming years.
Customers such as small business owners, corporate treasurers, NGOs, financial institutions, law firms, and educational institutions work with Convera. The company has decades of industry expertise and leverages its technology-led payments solutions to empower tens of thousands of customers around the world to move money smarter, according to a company press release.
Convera representatives spoke about the transformation and described the transformation the company has undertaken over the past two years based on Western Union Business Solutions. They also revealed plans to continue this transformation through innovation and new partnerships with customers around the world.
Convera is a global B2B payments company providing payment services and foreign exchange products to companies of all sizes. Convera has expertise in foreign exchange management and global funds transfer, providing transaction services in more than 140 currencies and financial networks covering more than 200 countries and regions.
Acquisition timetable
Western Union Business Solutions was acquired by Goldfinch Partners, LLC and The Baupost Group in 2021. After the acquisition, it was decided to rename the company Convera.
In addition, a team of senior executives who have also decided to take on new roles in independent companies will join WUBS’s senior executive team to provide consistency and continuity of leadership to clients, counterparties and employees. At the time, completion of the acquisition was subject to necessary works council and union negotiations, regulatory approvals and other customary closing conditions.
With 1,800 employees in more than 30 offices worldwide, WUBS is one of the world’s largest non-bank providers of cross-border commercial payments and foreign exchange solutions, processing total payment volume of more than $110 billion in 2020, according to Convera.
In March 2022, Goldfinch Partners LLC and The Baupost Group, LLC announced a major milestone with the preliminary completion of the acquisition of Western Union Business Solutions. The transaction will be completed in two phases, with completion of the second phase subject to receipt of regulatory clearances and approvals.
