Click here to read TransactionWatch | Subscribe to TransactionWatch
M&A activity persists across the payments industry as entities continue to seek and build upon new and existing capabilities. To kick things off, Fleetcor announced yesterday (June 9th) their acquisition of Global Reach Group, a UK-based cross-border payments provider. With this acquisition, Fleetcor is able to further build upon their existing cross-border payment services as they continue to strengthen their market positioning. Global Reach Group currently serves thousands of clients across the UK as well as Canada and will largely complement Fleetcor’s existing business. Terms of this transaction were not disclosed; however, it is expected to close in the fourth quarter of the year. Separately, AffiniPay announced this week the acquisition of MyCase, a legal practice management software provider, from Apax Funds. Following this deal, MyCase will be integrated into AffiniPay’s payment platform, which will now serve more than 65,000 law firms across North America.
In other M&A news, the private equity firm One Equity Partners has announced their agreement to acquire ACI Worldwide’s corporate banking solutions for an undisclosed sum. This technology solution, marketed as ACI Digital Business Banking, will operate independently under the new name of Dragonfly Financial Technologies.