Equiniti, a UK-based provider of finance, technology and administration services, has agreed to acquire TransGlobal Payment Solutions (TPS), a foreign exchange and payments firm.
Subject to certain procedural matters, the deal is expected to close in the next six weeks.
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TransGlobal offers foreign exchange payments through PayFac, a cloud based foreign exchange and payment platform servicing a global portfolio of corporate clients.
It also powers the platform for Equiniti’s foreign exchange payments business, Equiniti International Payments.
Equiniti has already partnered with TransGlobal since the launch of Equiniti International Payments in 2011.
Equiniti said that the acquisition will provide an exit for SME investor Enterprise Ventures, which backed TransGlobal following its launch in 2007 and provided second round funding in 2010, investing from the Coalfields Funds.
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By GlobalDataEquiniti CEO Guy Wakeley said: "The acquisition of TransGlobal will strengthen our market offering by transferring ownership of the technology and future development to Equiniti, enabling us to drive further growth. It also supports the Group strategy of acquiring and developing innovative technology platforms in the FinTech space."
Wayne Thomas, who led the deal for Enterprise Ventures said: "The deal will provide it with a platform for growth as part of a leading currency solutions provider and allow Equiniti to enhance its technological capabilities. It also allows us to deliver our investment case."
