FIS Completes Clear2Pay Acquisition

Banking and payment technology provider FIS has completed its acquisition of payment processor Clear2Pay, a transaction it started early last month.

The purchase brings FIS new high-value and cross-currency corporate payments and managed services, the vendor states in an Oct. 2 press release.

"This acquisition is another example of FIS' commitment to delivering a truly modern payments environment to our clients, particularly large and global financial institutions," Gary Norcross, FIS president and chief operating officer, stated in the release.

Speculation about a potential sale of Clear2Pay began late last year when Acquiline Holdings LLC made public its intention to sell the company. Acquiline purchased Clear2Pay in 2009.

FIS did not disclose the purchase price, but StreetInsider.com reported last month that, at closing, FIS was expected to pay 375 million euros (U.S. $473 million).

In addition to payment processing software, Belgium-based Clear2Pay provides technology for app developers and wireless carriers to test security on applications and payment products prior to launch of a new service.