Syncapay Acquires Subsidiary of Wirecard AG
Wirecard Acquiring & Issuing GmbH, a fully owned subsidiary of Wirecard AG, has sold Wirecard North America Inc. to Syncapay, Inc., a US holding company focused on high potential payment solutions. The consummation of the transaction is subject to regulatory approval. Wirecard North America is one of the market leaders in the US for the issuing of compensation, disbursement, consumer incentive and refund cards.
Wirecard North America is the second major acquisition of Syncapay after the acquisition of daVinci Payments in 2017. The acquisition is backed by the private investment management firm Centerbridge Partners L.P., which is making a majority equity investment in Syncapay, and existing Syncapay shareholders Bain Capital Ventures, Silversmith Capital Partners, MissionOG, and NYCA.
In August Wirecard Acquiring & Issuing had sold its Brazilian subsidiary to the NASDAQ Listed PagSeguro group. This transaction is expected to close by the end of the month.
“We are very happy with this solution for Wirecard North America. With this transaction we have achieved an important milestone in our sales efforts in the best interest of the creditors of Wirecard AG.”, said the insolvency administrator Dr Michael Jaffé.