Western Union Business Solutions (WUBS), which is slated to be acquired by a consortium of Goldfinch Partners and The Baupost Group from Western Union, will be rebranded as Convera.
Convera will operate as a standalone business-to-business (B2B) venture offering cross-border payments and foreign exchange solutions following the closure of the $910m deal.
Former Amazon Pay executive Patrick Gauthier will lead the firm as CEO.
In addition, a newly hired team of executives will join WUBS’s executive team, filling new roles in the independent company.
Gauthier and his team will focus on advancing WUBS’ customer-driven culture and boost key investments in technology, product development and people to drive growth.
WUBS has 1,800 employees in over 30 offices globally. It has an existing customer base of over 30,000 small and medium-sized businesses, educational institutions, financial institutions, law firms, and NGOs across more than 40 countries and territories.
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Gauthie said: “Following the closing, Convera’s global scale and existing customer base set it apart from competitors in the space and given the breadth of our regulatory footprint and bank network, I believe we’re well positioned to accelerate growth.
“I am honored to work with the stellar WUBS management team as we build Convera into a market-leading fintech company.”
Dharmesh Syal will become chief technology officer of Convera and will focus on leading global product and engineering teams to modernise and grow the firm’s technology platform.
Jody Visser will join the firm as chief transformation officer and Drew Weinstein as chief commercial officer.
Visser will be responsible for supporting the business to become a key B2B payments company while Weinstein will lead its global go-to-market activities and growth strategy.
Upon the closure of the transaction, Goldfinch Partners’ Sean Collins and Bill McNichols and The Baupost Group’s Ryan Duffy will join Convera’s board of directors.