Western Union Completes Custom House Acquisition - Update
September 1, 2009 (RTTNews). - Tuesday, money transfer and bill payment services provider Western Union Co. (WU: News ) said it has completed the acquisition of international business-to-business payments provider Custom House, which processes payments originating in seven countries for payout in 120 countries. Custom House has an annualized revenue run rate of $100 million and the company focuses mainly on cross-border payments for small to mid-sized enterprises, or SMEs.
According to Western Union, the acquisition 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 big as the consumer-to-consumer money transfer market.
