The Combination of Fraedom and Visa’s technology and services to fuel
innovation in B2B payments space
SAN FRANCISCO & LONDON--(BUSINESS WIRE)--
Visa (NYSE:V) today announced an agreement to acquire Fraedom, a
Software-as-a-Service technology company providing payments and
transaction management solutions for financial institutions and their
corporate customers. Fraedom has been a Visa partner for nearly ten
years, and its technology underlies Visa IntelliLink Spend Management, a
core platform for Visa’s commercial and small-business clients. The
acquisition will strengthen and expand Visa’s business suite of
solutions to meet the rapidly evolving needs of the B2B payments
industry.
Fraedom offers transaction management products and services, including
expense management and accounts payable solutions. For over 17 years,
the company has been offering its products to financial institutions,
payment networks, processors, governments and technology companies
worldwide. Fraedom brings to customers mobile-first experiences that
make it simple for corporate users to complete critical tasks quickly
and intuitively.
“Increasingly, businesses are replacing inefficient paper-based payment
systems with digital tools,” said Vicky Bindra, global head of products
and solutions, Visa. “This strategic acquisition allows Visa to offer a
more comprehensive business solution to our corporate clients that is
innovative, global, highly configurable and intuitive for their
employees.”
“We couldn’t be more excited to join the Visa family,” said Kyle
Ferguson, CEO, Fraedom. “The combination of Visa’s leadership, reach and
deep knowledge of digital payments, coupled with our expertise in the
B2B market for our growing customer base, will allow us to better
service businesses around the world with fast, secure and robust
commercial payments solutions.”
The transaction, which is subject to the customary closing conditions,
is expected to close in Q1, 2018.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our
mission is to connect the world through the most innovative, reliable
and secure payment network - enabling individuals, businesses and
economies to thrive. Our advanced global processing network, VisaNet,
provides secure and reliable payments around the world, and is capable
of handling more than 65,000 transaction messages a second. The
company’s relentless focus on innovation is a catalyst for the rapid
growth of connected commerce on any device, and a driving force behind
the dream of a cashless future for everyone, everywhere. As the world
moves from analog to digital, Visa is applying our brand, products,
people, network and scale to reshape the future of commerce. For more
information, visit usa.visa.com/aboutvisa, visacorporate.tumblr.com and
@VisaNews.
About Fraedom
Fraedom works with banks globally to enhance their commercial card
programs and give their customers a better way to manage business spend
through its easy-to-use spend management system. The platform helps
banks to differentiate their service, drive card uptake, increase card
spend and improve customer retention.
Fraedom’s solutions also facilitate card management and increased
payment efficiency through an advanced invoice payment feature. Its
future-proofed technology gives customers complete visibility of their
card purchases through card statementing, while providing detailed
transaction data reports.
Since its launch in 1999, Fraedom has managed over one billion
transactions through its web-based platform, which translates to just
under $270 billion (USD) in transactions to date. Fraedom’s technology
has been used by over 173,000 organizations. The company boasts offices
in the UK, US, Canada, Australia, New Zealand, Singapore and Hong Kong
and manages transactions for a total of 5.7 million employees worldwide.
For more information about Fraedom, visit www.fraedom.com.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of
the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements generally are identified by words such as
“will,” "is expected," and other similar expressions. Examples of
forward-looking statements include, but are not limited to, statements
we make about the likelihood and timing of the closing of the
acquisition or the benefits to Visa arising from the completion of the
transaction.
By their nature, forward-looking statements: (i) speak only as of the
date they are made; (ii) are not statements of historical fact or
guarantees of future performance; and (iii) are subject to risks,
uncertainties, assumptions or changes in circumstances that are
difficult to predict or quantify. Therefore, actual results could differ
materially and adversely from Visa’s forward-looking statements due to a
variety of factors, including the risk that the transaction may not be
consummated; the closing conditions relating to the transaction; and
various other factors, including those contained in our Annual Report on
Form 10-K for the fiscal year ended September 30, 2017 and our other
filings with the U.S. Securities and Exchange Commission.
You should not place undue reliance on such statements. Except as
required by law, we do not intend to update or revise any
forward-looking statements as a result of new information, future
developments or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180208006621/en/
Source: Visa Inc.