Western Union Business Solutions to be Renamed Convera at Acquisition Closing
Fintech veteran Patrick Gauthier joins as future CEO along with additional senior executives
Launch of Convera follows announced acquisition of B2B payments and foreign exchange solutions division of Western Union for $910 million by Goldfinch Partners and The Baupost Group
SEATTLE–(BUSINESS WIRE)–Patrick Gauthier, who most recently served as Head of Amazon Pay, was today announced as the future CEO of new standalone business-to-business (B2B) cross-border payments and foreign exchange solutions provider Convera. Upon closing of the recently announced acquisition of Western Union Business Solutions (WUBS) by Goldfinch Partners, LLC and The Baupost Group, LLC for $910 million, the business will be renamed Convera. Gauthier and a team of executives filling new roles in the independent company will join WUBS’s exceptional executive team, providing seamless consistency and continuity of leadership for customers, counterparties, and employees. Closing of the acquisition is subject to requisite works council and trade union consultations, regulatory approvals, and other customary closing conditions.
With 1,800 employees in over 30 offices globally, the existing WUBS business is one of the world’s largest non-bank providers of cross-border business payment and foreign exchange solutions processing over $110 billion in total payments volume in 2020. With an existing customer base of more than 30,000 small and medium-sized businesses, educational institutions, financial institutions, law firms, and NGOs spanning over 40 countries and territories and 140 currencies, the business possesses a truly global footprint and serves some of the fastest-growing segments of the B2B cross-border payments markets.
Following the close and operating as Convera, Gauthier and his team will build on WUBS’ customer-driven culture and accelerate key investments in technology, product innovation and people to drive growth.
Gauthier is an experienced fintech leader having formerly served as the Head of Amazon Pay. Prior to Amazon, Gauthier held senior leadership roles at, among others, PayPal and Visa. Gauthier holds several patents related to payments systems and is a recognized thought leader on the future of global commerce and payments.
In addition to the existing leadership team at WUBS, including Andrew Summerill who is expected to serve as Chief Financial Officer following the close, Gauthier will be joined by the following executives taking up new roles in the independent company, including:
● Dharmesh Syal, Chief Technology Officer: Dharmesh will be responsible for leading global product and engineering teams to modernize and grow Convera’s technology platform.
● Jody Visser, Chief Transformation Officer: Jody will be responsible for supporting the business to become the world’s leading B2B payments company
● Drew Weinstein, Chief Commercial Officer: Drew will be responsible for leading Convera’s global go-to-market activities and growth strategy.
“Following the closing, Convera’s global scale and existing customer base set it apart from competitors in the space and given the breadth of our regulatory footprint and bank network, I believe we’re well positioned to accelerate growth,” said Patrick Gauthier, CEO of Convera. “I am honored to work with the stellar WUBS management team as we build Convera into a market-leading fintech company.”
Goldfinch Partners’ Sean Collins and Bill McNichols and The Baupost Group’s Ryan Duffy will join Convera’s board of directors after the transaction closes.
Notes to Editor:
The transaction is expected to close in two stages. In the first closing, expected to be completed in early 2022, the WUBS business, excluding the business that is operated through Western Union International Bank in the European Union and United Kingdom, will transfer to Convera.
In the second closing, expected to complete by mid-to-late 2022, the remaining business operated through Western Union International Bank in the European Union and United Kingdom will transfer.
Patrick Gauthier bio:
Patrick Gauthier is the Chief Executive Officer of Convera. Patrick is a long-time fintech specialist with senior leadership roles at Amazon, PayPal, Visa along with early- and mid-stage payments and eCommerce startups, where he has developed high performance teams and built high growth businesses. Patrick is a recognized thought leader on the future of commerce and payments, with recurring appearances on CNBC, and industry conferences. He has held positions on the board of directors of multiple venture backed startups in mobile, security, ecommerce and identity domains.
Patrick lives in Seattle, Washington and holds a master’s degree in Computer Science from Telecom SudParis in France.
About Goldfinch Partners:
Goldfinch Partners is a private equity firm focused on investing in businesses at the forefront of digital transformation. Launched in 2018, Goldfinch employees have decades of experience investing and serving in senior operating roles at leading global companies. Founders Sean Collins (formerly of BCG) and Bill McNichols (formerly of Starbucks and Vulcan Capital) have worked and invested together since 2015, and between them, have led over $15 billion in aggregate transactions.
About The Baupost Group, LLC:
The Baupost Group is a Boston-based investment manager with a long-term, collaborative approach. Since 1982, the firm has been thoughtfully stewarding and compounding capital on behalf of families, foundations, and endowments, as well as employees who collectively are the firm’s largest client. Today Baupost manages roughly $31 billion. With a broad and flexible charter, and depth of experience across all asset classes and market environments, Baupost is strongly positioned to evaluate and pursue highly complex opportunities, to structure transactions flexibly to meet the requirements of sellers, and to leverage the duration of its capital to be long-term partners with management teams.
Contacts
Press Contact:
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