Cornerstone Brands plans to acquire payments processor FXPress in a deal that also includes a sale of the existing Cornerstone business and restructuring of capital, according to a press release emailed to PYMNTS.
FXPress provides advanced payment systems through a Platform-as-a-Service agreement. The new company strategy will involve building a business off providing international payment services for small- to medium-sized businesses (SMBs) through both “organic and inorganic growth,” the release stated.
According to the release, the company directors want to capitalize on what they see as an opportunity to develop a wider range of products and services. They want to allow customers to maintain their own multicurrency electronic payment accounts, attracting larger SMB customers and growing in-house sales capacity.
Cornerstone’s directors were “excited by FXPress’ strategy to develop its business and be a true disrupter in the market by enabling [SMBs] to make efficiency gains in the way they conduct international payments.”
“The global payments landscape is in a state of fundamental transformation, with immense opportunities for technology-led businesses such as FXPress,” the release stated.
The deal went down for over 99 percent of shares cast in favor of it, the release stated. In addition, Cornerstone Brands’ existing business will be sold to Oliver Bridge and Spencer Hill after the FXPress acquisition is complete. Existing Cornerstone shareholders will receive funds if another sale occurs within the next few years.