Sanjay Singh, formerly of Abercrombie & Fitch and Procter & Gamble, will head up a new data-analysis business unit.
First Data Corp., a major provider of electronic commerce and payment services, has acquired Achex Inc., an online processor of check-based payments.
First Data Corp., a major provider of electronic commerce and payment services, has acquired Achex Inc., an online payments provider. Financial terms were not disclosed.
Known for its online checking account-based payment solution for businesses and consumers, Achex’s technology uses the Internet and existing payment networks to transfer funds online. First Data says the acquisition provides it with a new Internet technology infrastructure that will integrate with many of its online payment services, offering new merchant integration capabilities and expanding the company’s Internet payments presence. eONE Global, a First Data company formed last fall to identify and develop promising emerging payment technologies, had already been an equity investor in Achex.
“Achex is a great fit for our business due to the explosive growth potential we see in the online payment business,” said Charles T. Fote, president and chief operating officer for First Data Corp. “This also really demonstrates our eONE Global strategy in action – eONE Global identified the synergies with Achex early on – and First Data now has a partner in Achex that greatly complements our TeleCheck business and provides additional payment alternatives for our merchants.”
Founded in 1999, San Francisco-based Achex will continue to grow its current business and will continue to be led by Elaine Bolle, president and CEO, and existing management team. Achex provides payment services to Kmart’s Bluelight.com, Netgrocer.com and others.