Monday , July 22, 2019

Mastercard Leaves Earthport to Visa to Buy Transfast and other Digital Transactions News briefs from 3/8/19

  • Mastercard Inc. has abandoned its pursuit of cross-border specialist Earthport PLC and instead has agreed to acquire New York City-based Transfast Remittance LLC, a cross-border account-to-account money-transfer network. Terms of the deal, which is expected to close in 2019’s second half, were not disclosed. Visa Inc. last month made an offer valued at $320.4 million for Earthport, topping a prior offer from Mastercard by 12%. Transfast is licensed by state banking departments in 35 states and the District of Columbia and the Virgin Islands. It says its network covers more than 125 countries.
  • Montreal-based point-of-sale system developer Lightspeed POS Inc. priced its initial public offering of 15 million subordinate voting shares at C$16 ($11.92) per share to raise C$240 million ($178.8 million) in gross proceeds before underwriting expenses. The shares are listed on the Toronto Stock Exchange under the ticker symbol LSPD. They were trading at C$19.85 late Friday morning, up 10% from their opening price of C$18.10.
  • WEX Inc., a specialist in processing fleet-fueling and other corporate payments, celebrated the opening of a new four-story headquarters building in Portland, Maine.
  • Source Technologies launched a software-development platform called CoreConnect Foundation to help run payments and other financial services on self-service kiosks.
  • Blackboard Inc., a provider of teaching and learning tools for the education market, agreed to sell its Blackboard Transact business to Reverence Capital Partners LP. Transact provides campus-access and payments services. Terms were not announced for the deal, which is expected to close in the second quarter.

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