Western Union Enters Cross-Border Business-To-Business Market With Acquisition of Custom House
Acquisitions Completion Adds Account-to-Account Capabilities to Western Union?s Portfolio of Services
ENGLEWOOD, CO – (Sept. 1, 2009) -- The Western Union Company (NYSE: WU), a leader in the money transfer segment of global payments, today announced it has completed the acquisition of international business-to-business payments provider Custom House. Custom House processes payments originating in seven countries for payout in 120 countries.
With its focus on cross-border payments for small to mid-sized enterprises (SMEs) and an annualized revenue run rate of $100 million, the acquisition of Custom House will introduce Western Union to a new market, significantly expanding its service offerings and customer base. Western Union estimates that the SME cross-border payments market generates global revenue at least as great as the consumer-to-consumer money transfer market.
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