ATLANTA, Dec. 1, 2010 /PRNewswire/ -- Leading global payments provider WorldPay, the new name for RBS WorldPay, became an independent company today following the completion of the purchase of the business by private equity firms Advent International and Bain Capital from The Royal Bank of Scotland Group plc (RBSG). RBSG will retain a minority stake in the company.
Under private ownership WorldPay is committed to playing a lead role in the transformation of the payments industry. The new company has added high profile industry specialists to its management team and is investing US$315m to meet the growing demand for card and e-payment solutions from merchants around the world.
WorldPay is the largest provider of card payment services in the UK and Europe and the fourth largest globally. In 2009, the business processed a total of 6.8bn transactions worldwide with a value of US$383bn. Through its Streamline brand, it underpins almost half of all UK high street card transactions. Headquartered in the UK, the company employs over 2,600 people in more than 30 markets throughout Europe, the US and Asia.
Ron Kalifa, CEO of WorldPay, said: "Independence and private ownership give us the potential to transform the payments industry through long term investment in our technology, our people and our business. We are committed to supporting the growth of our customers' businesses by touching as many transactions as possible, every minute of every day around the world."
The management board which will lead the business includes two new appointments to the existing team. Floris de Kort joins as head of e-commerce from e-payment services provider GlobalCollect where he was chief commercial officer. Peter Smith will join as chief human resources officer in January from Burger King in the US, where he held a similar role. Stephen Hart continues as chief financial officer, together with Raghav Prasad as head of the UK Streamline business and Ian Stuttard as head of WorldPay US. Advent International will be represented by managing director James Brocklebank and Bain Capital by managing director Robin Marshall.
Ron Kalifa added: "WorldPay is already a strong business with a leading position in its markets, and I am pleased that the sale has been extremely well received by our customers. We now look forward to building on the first class service that our clients have come to expect, under the joint ownership of Advent International and Bain Capital. I am also delighted to have the continuing support of RBS Group, through its minority stake in the business, to the benefit of our existing relationships with customers and suppliers."
The new company will be structured as three divisions. In the UK, WorldPay will continue to be represented through the Streamline brand, the leading provider of point-of-sale payment services in Europe. In the US, WorldPay is the fastest growing merchant acquirer in the world's largest card payments market. The third business, e-commerce, supports some of the biggest names on the internet and is one of the few global full-service players well positioned to support the trend of traditional retailers turning to online sales.
The market for electronic payments is growing significantly due to the continuing shift from paper-based payments, such as cash and cheques, to electronic payments like credit and debit cards, the most prevalent form of electronic payment. Between 2008 and 2013, the total number of card payment transactions globally is forecast to grow at a CAGR of 10.5%. New payment methods, increasingly online, are also being adopted, with the value of eCommerce transactions between 2009 and 2013 expected to grow at a CAGR of 18.8%. Particular opportunities are anticipated in emerging markets, as their economies develop and expand.
For further information:
Mark Thompson/Pamela Fieldhouse/Emma Phelan/Ross Hall
Tel: +44 207 831 3113
WorldPay is a global card payment acquiring business operating in over 30 countries which allows customers to accept card payments both at point of sale and over the internet. The company offers services across the entire payment value chain, including transaction capturing, merchant acquiring and transaction processing.
Clients vary in size from small family run companies to large multi-national corporations, spanning a broad spectrum of industries and sectors. The company is a global leader in acquiring in the airline and gaming sectors, pioneered the implementation of Chip & PIN in the UK, and is the largest off premises ATM processor in the US.