Sigue Corporation Acquires Competing Money Transmitter, Envios El Cid, Inc.
LOS ANGELES, July 14 /PRNewswire/ -- Sigue Corporation ("Sigue") is pleased to announce the acquisition of Envios El Cid, Inc., ("El Cid"), a Texas Money Transmitter, headquartered in Glendale, California.
Sigue acquired the operations of El Cid and is integrating the same into its technology platform. This combination will enable the companies to realize efficiencies while providing enhanced services to their valued customers. Mr. Gus Hernandez, El Cid's V.P. of Operations stated, "El Cid agents will benefit from the opportunity to offer customers the convenience of Sigue's distribution network throughout Latin America and the Philippines as well as its regulatory and compliance expertise."
Sigue's President, Mr. Leandro Miguel, said, "This strategic transaction provided an excellent opportunity for Sigue to broaden its agent and distribution networks, in addition to diversifying our call center capabilities in a cost-effective manner." Mr. Miguel continued, "The vision of Sigue's acquisition strategy focuses on enhancing the customer's experience and convenience. We are confident this acquisition achieved our goal."
Chief Governance Officer, Ms. Maria Casillas, stated, "The competitive advantage Sigue derived from its industry standard compliance program was the foundation for the Company's acquisition of El Cid." Ms. Casillas continued, "Due to the strength of our compliance and governance programs, Sigue is in an excellent position, in the current regulatory environment, to leverage its expertise in this area and take advantage of these strategic business opportunities."
Sigue's CEO, Mr. Guillermo de la Vina, said, "This transaction marks the beginning of a new, dynamic chapter in Sigue's history." He continued, "Our future is characterized by accelerated growth of both product offerings and geographic corridors, in addition to increased market share. Therefore, Sigue's acquisition of El Cid is another example of our commitment to providing our customers and agents with the best, most convenient, and safest service in the money transfer industry."
Headquartered in Sylmar, California, Sigue is a leading financial services company providing international electronic money transfer services to Mexico, Central America, South America, the Caribbean and the Philippines. The company is privately held and operates through a comprehensive network of agents throughout the U.S. and Mexico. Sigue has payment arrangements with leading financial institutions in Mexico, Central and South America including the Caribbean and the Philippines. To become a Sigue Agent, call 1-800-874-6724 ext. 7981.
Contact: Robert Pargac (818) 493-4501
SOURCE Sigue Corporation
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