Payment processor Wright Express has acquired
emerging SME-focused payroll debit card provider rapid! PayCard in
a bid to broaden its corporate payment solutions offerings.
The deal is claimed to ‘jump-start’ Wright
Express’ entrance into the domestic prepaid market, believing its
current client base to be prime candidates for a prepaid payroll
product.
“rapid! PayCard has strong go-to-market
capabilities in the payroll sector, as well as expertise in the
sales process, employer requirements, key features and best
practices,” said Michael Dubyak, chairman and CEO of Wright
Express.
“In addition, the company’s focus on customer
service and training naturally complements Wright Express’
corporate culture.”
Specific financial details of the acquisition
have not been released but is said to be an all cash deal that
includes additional considerations for performance milestones.
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