The dismantling of Wirecard continued this week with the sale of its Communication Services unit to IDnow. While this unit does not play a direct role in payments, it further suggests that assets of Wirecard will continue to sell off. It is also reported that ongoing conversations for Wirecard North America are still taking place with potential buyers. Separately, Cornerstone Brands announced their intentions to acquire FXPress Payments, which provides a proprietary foreign exchange and payments platform, for an undisclosed sum. As part of the deal, Cornerstone’s existing business will be sold off following the completion of the acquisition.
In other M&A news, MRI Software has agreed to acquire the RentPayments business from Priority Technology, who has owned the business for roughly 18 months when it acquired the business from Yapstone. Following the acquisition, Priority will continue to provide its payments infrastructure and processing services to the platform.