The new addition enables Convera to focus instead on its planned investments to change cross-border payments in the coming years. The company works with clients ranging from small business owners to enterprise treasurers, law firms and NGOs, providing payments services and foreign exchange products.
Its CEO, Patrick Gauthier, commented on the recently completed acquisition of WUBS.
“We are delighted to formally complete this transition and incorporate all our European business into Convera”, Gauthier said. “The past two years have seen Convera transform substantially, building on the legacy of Western Union Business Solutions while positioning the company for growth in the digital age.”
Western Union Business Solutions was a provider of foreign exchange and international payments. In August 2021, the business said it would be rebranded as Convera following the closure of the $910m deal. In March 2022, a consortium of Goldfinch Partners and The Baupost Group completed the first stage acquisition of Western Union’s business unit.
The transaction was completed with the help of legal advisors from Skadden, Arps, Slate, Meagher & Flom LLP, an American law firm specialising in company mergers and takeovers.
Convera helps over 30,000 clients globally with money movements, enabling them to save money with each transaction completed. The company currently provides access to more than 140 currencies and a financial network spanning over 200+ countries and territories.
“We look forward to continuing this transformation through innovation and new partnerships with our customers globally”, Gauthier concluded.