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Is Total Merchant Services Bought By First Data?

Written By Monday, May 23, 2022 Add Comment Edit

American payments company

First Data Corporation
Type Subsidiary
Industry Financial services
Founded 1971; 51 years agone  (1971), in Omaha, Nebraska, U.S.
Headquarters Atlanta, GA, U.S.

Central people
  • Patricia Ramos (Former CEO)
  • Himanshu A. Patel (CFO)
Products Merchant services
Revenue Increase US$ 12.05 billion (2017)

Operating income

 Increase US$ 1.71 billion (2017)

Net income

 Increase United states$ 1.47 billion (2017)
Full assets Increase US$ 48.27 billion (2017)
Total equity Increase United states of america$ half dozen.01 billion (2017)

Number of employees

 22,000 (2017)
Parent Fiserv
Website FirstData.com
Footnotes / references
[one] [two]

First Data Corporation is a financial services company headquartered in Atlanta, Georgia, United States. The company's STAR Network provided nationwide domestic debit credence at more 2 meg retail POS, ATM, and Online outlets for nearly a third of all U.Southward. debit cards.

First Data has six 1000000 merchants, the largest in the payments industry.[3] The company handles 45% of all The states credit and debit transactions, including handling prepaid gift bill of fare processing for many US brands such every bit Starbucks.[three] [4] Information technology processes around 2,800 transactions per second and $2.2 trillion in card transactions annually,[five] with an fourscore% market share in gas and groceries in 2014.[6] Offset Information'south SpendTrend Report is a cardinal shopping metric for national news networks such equally WSJ, United states of america Today, ESPN, The New York Times, Vox Media,[7] [8] [nine] [10] and Bloomberg.[11]

In October 2015, First Data returned to public markets, selling 160 million shares in the New York Stock Substitution's biggest IPO of that twelvemonth.

On Jan 16, 2019, Fiserv announced a deal to learn First Data in all-stock deal with equity value of $22 billion. Fiserv completed the acquisition of Kickoff Information on Mon July 29, 2019.[12]

History [edit]

In 1969, the Mid-America Bankcard Association (MABA) was formed in Omaha, Nebraska, as a non-profit bankcard processing cooperative. Ii years later, Start Information Resource (FDR) was founded in Omaha, Nebraska in June 1971.[13] It started off by providing processing services to the Mid-America Bankcard Association (MABA). In 1976, Commencement Data became the outset processor of Visa and MasterCard bank-issued credit cards. In 1980, American Express Data Services Corporation (ISC) bought fourscore% of First Information. The remaining xx% was purchased in 5% increments each subsequent year until June 1983. Showtime Data Corporation was incorporated on Apr 7, 1989.[ citation needed ]

Showtime Information Corporation was spun off from American Express and went public in 1992. In 1995, the company merged with First Financial Management Corp. (FFMC) and was then organized into iii major concern units serving card issuers, merchants and consumers. Western Union became part of First Information every bit a consequence of the merger with FFMC.[ citation needed ]

Expansion [edit]

From 2001 through 2005, a menses of expansion occurred as Get-go Data acquired companies effectually the world and in the U.s.a., including, in 2001, the acquisition of PaySys International and their VisionPLUS Payment Software System. VisionPLUS was followed by a $six.6 billion merger with Concord EFS, Inc. in 2004, which added the STAR Network and PIN-based debit acceptance at more than 1.9 one thousand thousand ATM and retail locations. Additional acquisitions and strategic relationships included GovOne, eONEGlobal, Paymap, Inc., and Taxware. However, Starting time Data somewhen divested, closed down or absorbed these businesses.

On January 26, 2006, Starting time Data announced its intention to spin off Western Union into an independent publicly traded company through a tax-gratis spin-off of 100% of Western Marriage to First Data shareholders. The spin off occurred equally planned on September 29, 2006.[14]

On April two, 2007, information technology was announced that Kohlberg Kravis Roberts (KKR) had entered an agreement to acquire First Data[15] in one of the largest leveraged buy-outs in history,[xvi] and on October ane, 2007, KKR officially took over the First Data Corporation. Ric Duques retired, and Michael Capellas, previously the CEO of MCI Inc., the president of Hewlett-Packard Visitor, and also the chairman/CEO of the Compaq Calculator Corporation was appointed CEO. As a privately owned company, First Data's stock was taken off the New York Stock Commutation on September 24, 2007. However, the visitor's LBO was financed with $24 billion in debt, and it remains heavily leveraged.[16]

In June 2014, First Data raised a historic $3.5 billion private placement. $1.ii billion of the placement came from KKR; however the majority, $2.3 billion, was from hedge funds, mutual funds and institutions.[17] With this action the company reduced total debt by $3.3 billion, improving net leverage by 1.3 turns and significantly reducing annual greenbacks interest payments.[18] [19] The company continues to maintain investor relations pages on its web site and to publish quarterly financial results. Within two months of the KKR conquering, the company laid off 1,700 employees across North America, Europe and Australia, well-nigh 6% of its workforce.[20]

First Data provided Go-Tag (contactless and mobile payment applied science) stickers to delegates and media representatives at the 2008 Democratic National Convention in Denver, who used them to purchase nutrient and beverages. These stickers possessed NFC chips which were read by First Data scanners, which through its back-end system deducted the purchase sum from the Become-Tag ID's balance.[21] [22] Outset Information provided the trusted service manager that provisioned accounts to the new mobile Google Wallet system.[23] [24]

Kickoff Information entered the Ireland market in a articulation venture with Centrolineal Irish Banks PLC named AIB Merchant Services on January 18, 2008.[25] Kickoff Data also acquired ICICI Bank's merchant services business in 2009 for 4 billion Indian rupees (United states$80 million).[26] It likewise partnered with Bank of America in 2009 to form Bank of America Merchant Services.[27]

First Information and KKR vetted more than than 60 startups earlier, in October 2013, announcing it had acquired POS startup Clover,[28] cardless mobile loyalty startup Perka,[29] and Gyft in 2014.[30]

In March 2010, Joe Forehand took over equally chairman and interim CEO.[31] In September that same year, Jonathan Guess assumed those roles until his early on retirement in January 2013,[32] after which Edward Labry covered the interim mail.[33]

Nether Frank Bisignano [edit]

In April 2013, Commencement Data'due south Lath of Directors announced that former JPMorgan Chase Co-COO Frank Bisignano had been named Primary Executive Officer of the company. In March 2014, Bisignano causeless the role of Chairman.[34] Upon taking function, Bisignano launched an equity ownership program for all 24,000 of First Data possessor-associates.[35]

In 2014, Bisignano promoted notable additions to the visitor'due south staff, such every bit Sanjiv Das, Himanshu Patel, Guy Chiarello, Cindy Armine-Klein, Andrew Gelb, Adam Rosman, Carmen Menendez-Puerto, Joseph Plumeri, Christopher Augustin and Michael Manos.[36] [37] [38] [39] [40]

In early 2014, Kickoff Data'south STAR ATM Network adopted the Visa and MasterCard mutual application IDs for EMV-compliant debit transactions.[41]

Since joining, Bisignano has tried to "transform Offset Data into a provider of new applied science for modest- and medium-sized businesses".[17] In June 2014, Showtime Data introduced the Insightics solution for small and medium size businesses. Insightics is a deject-based software that enables modest and medium size businesses to monitor key business metrics.[42] [43] First Data created Insightics with Palantir.[17]

In August 2014, First Data expanded its presence in Brazil with Bin, the company's acquiring solution developed specifically for the local market place.[44] In September 2014, First Data announced it would provide encryption technology for Apple Pay.[17] Apple tree Pay allows payment with a single touch. With its integration into First Data's STAR Network, the company became a token service provider, supporting safe POS transactions in Apple tree Pay. Such transactions are used in venues such as all McDonald'southward restaurants in the Usa.[45]

In October 2014, First Data announced the Enhanced TransArmor Solution for pocket-sized businesses. First Information's TransArmor Solution protects payment card data throughout the transaction process, incorporating several security and compliance products into one multi-layered solution.[46]

In late 2014, First Data appear its collaboration with Capgemini to develop new solutions based on Commencement Data's AccessPLUS and VisionPLUS products, planning to offer new technologies in the second quarter of 2015.[47] The company also announced its partnership with Verifone, wherein merchants using integrated signal-of-sale systems that process payments will have a security option when using terminals made by VeriFone Systems Inc.[48] In 2015, Samsung announced its Samsung Pay mobile system in conjunction with Get-go Information. Samsung Pay uses NFC to make payments at POS systems that have First Data's technology.[49]

In Feb 2015, Beginning Information reported its outset profitable quarter in 29 quarters since its 2007 privatization.[50] In July 2015, First Data acquired Transaction Wireless, a provider of souvenir card solutions.[51] In September that year, First Data Corporation acquired Spree Commerce, an open source e-commerce platform. Details of the transaction were not disclosed.[52]

In the biggest U.Southward. IPO of 2015 according to Bloomberg, First Data planned to seek a minimum of $2.5 billion, even upward to $three.two billion (according to Bloomberg) or $three.seven billion (co-ordinate to the Wall Street Journal).[53] [54] [55] In October that yr, First Data sold 160 million shares for $16 apiece, afterward offering them for $18 and $xx.[56] Information technology raised $2.56 billion. According to Bloomberg: "lowering Beginning Data'southward debt level will be an important step for the company because it volition free up money to invest in the business".[57]

2016 and 2017 [edit]

Commencement Data and Alipay appear a partnership in October 2016 to bring Alipay's mobile payment processing to the United States.[58] Subsequently in 2017, First Data and Alipay appear the implementation of the "point-of-auction" technology,[59] and that Clover would be the showtime bespeak-of-sale to accept the mobile payment method.[60]

In 2017 First Information announced the launch of their Integrated Solutions Group (ISG), with Edward Jackson to lead the new business concern segment.[61] Later on that February, First Data announced its first ISG partner, ShopKeep, a applied science company that allows an iPad to be used equally a cash register.[62] In March 2017 First Data appear the acquisition of Acculynk, an ecommerce technology company focused on debit payments.[63]

In May 2017 First Data appear their Global PFAC product, which provided payment facilitators with access to a single integration interface.[64] On May 29, 2017 First Data announced its plans to acquire CardConnect, a provider of payment processing which candy approximately $26 billion of volume annually, for $750 million.[65]

In June 2017, Beginning Data launched Fraud Observe, which uses artificial intelligence and machine learning, fraud scoring, cybersecurity intelligence, and information from the "Night Web" to identify potentially fraudulent transactions.[66] On October 20, 2017, Kickoff Data announced plans to acquire BluePay, a technology-enabled payment processor with about $19 billion in almanac volume, for $760 Million.[67]

Expansion in Republic of india [edit]

Outset Data has the tie up with ICICI Depository financial institution, India's largest individual bank in the dealing of merchant services, ICICI Merchant Services is proving the domestic and international Merchant account to Indian registered companies having a bank account with ICICI Bank. ICICI Merchant Services with Offset Data is offering 3D Secure merchant services along with MOTO Machine to merchant and store to process payment by credit card.

Acquisition/Merger [edit]

On January xvi, 2019, First Data appear it would be acquired by Fiserv in an all stock transaction valued at $22 billion.[68] The deal was scheduled to exist finalized in the 2nd one-half of 2019.[69] Fiserv completed the conquering of First Data on July 29, 2019.[12]

Headquarters [edit]

Outset Data'southward original headquarters, where the visitor remained based until 1992, were in Omaha, Nebraska. First Data's headquarters were located in Greenwood Hamlet, Colorado.[seventy] [71] In 2009 First Data announced that it was moving its headquarters from Greater Denver to Atlanta.[72] While the official Starting time Data headquarters are located in Atlanta, Georgia,[73] [74] Offset Data's principal executive offices are in New York Metropolis.

Philanthropy [edit]

In October 2014, First Data launched First Data Salutes. Kickoff Information Salutes is the company-wide military engagement strategy aimed at helping the veteran-endemic concern community and service members and their families transitioning to civilian careers.[75]

In 2015, First Data made a vii-twelvemonth, $seven million commitment to the Institute for Veterans and Military Families at Syracuse University to fund education, research, training and other opportunities for transitioning veterans inbound the concern customs.[76] The company was listed on DiversityInc'due south 25 Noteworthy Companies for 2015.[77] In May 2017 First Data was recognized as the #one company on the Military Times annual "Best for Vets: Employers 2017" list.[78]

References [edit]

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  77. ^ Best for Vets: Employers 2017 Armed services Times

External links [edit]

  • Official website
    • Historical concern information for Commencement Information Corporation:
    • SEC filings

Is Total Merchant Services Bought By First Data?,

Source: https://en.wikipedia.org/wiki/First_Data

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