Global banking and payment solution provider FIS has signed a definitive agreement to acquire payment and processing solution provider Clear2Pay.
FIS has acquired Clear2Pay for €375m
Founded in 2001, Clear2Pay is a major player in the payments technology domain and has a strong blue chip client base of top global financial institutions in Western Europe, Asia-Pacific and the Americas.
Upon closing of the deal upon regulatory approval, FIS will pay approximately €375 million to acquire 100% ownership interest in Clear2Pay. FIS expects the acquisition will be neutral to adjusted earnings per share in 2014. FIS expects the transaction to close during the fourth quarter.
According to FIS, the acquisition of Clear2Pay will bolster its global payments capabilities across all geographies through the addition of new payments managed services and payments processing utilities that will enhance its abilities to deliver differentiated enterprise payments solutions.
Gary Norcross, president and chief operating officer at FIS, said: “Many institutions are struggling to adapt to the evolving global payments landscape, inclusive of high-value and cross-currency corporate payments and new channels. This strategic acquisition demonstrates our commitment to delivering the technologies and assets that will enable our clients, especially large and global institutions, to realise a truly modern payments environment that encompasses all customer channels, simplifies payment operations, reduces costs and provides a better customer experience.”
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