MoneyGram Exits FSMC Business
MINNEAPOLIS--(BUSINESS WIRE)--May. 22, 2009--
MoneyGram International (NYSE: MGI) a leading provider of global payment
services, announced today it will sell its FSMC business to Plymouth,
Minn.-based Solutran, a move that reinforces MoneyGram’s commitment to
focus resources on its profitable money transfer and bill payment
businesses. Terms of the agreement were not made public.
Through the agreement, which is expected to close in the third quarter,
the vast majority of the 37 current FSMC employees will become employees
of Solutran. Founded in 1984, Solutran is a privately owned company,
providing a full range of treasury management and customized payment
solutions to fulfillment and direct marketing companies, non profit
organizations, publishers, retailers and grocers.
“This is a coming home of sorts for FSMC,” said Barry Nordstrand,
president and CEO of Solutran. “FSMC was founded by Elloyd Hauser who
also started Solutran. These two organizations are a strategic fit and
will create significant synergy. Together Solutran and FSMC represent an
unbeatable solution in processing corporate disbursement and government
Said MoneyGram President and CEO Anthony Ryan, “This is a win-win for
both companies. It’s a move that enables MoneyGram to shift our
organization closer to our core businesses and at the same time provides
Solutran with an exceptional business that fits its growth strategy.”
The FSMC business, which provides disbursement processing services to
corporations, fulfillment companies and government agencies, represents
less than 1 percent of MoneyGram’s total revenue.
About MoneyGram International, Inc.
MoneyGram International offers more control and more choices for people
separated from friends and family by distance or those with limited bank
relationships to meet their financial needs. A leading global payment
services company, MoneyGram International helps consumers to pay bills
quickly and safely send money around the world in as little as 10
minutes. Its global network is comprised of 180,000 agent locations in
190 countries and territories. MoneyGram’s convenient and reliable
network includes retailers, international post offices and financial
institutions. Now, MoneyGram offers its most loyal customers MoneyGram
Rewards for cash discounts on eligible money transfers from the U.S. To
learn more about money transfer or bill payment at an agent location or
online, please visit www.moneygram.com.
Since 1984, Solutran has provided a full range of treasury management
solutions to corporations and financial institutions. Solutran’s
customized solutions span the payment spectrum. Product offerings
include depository processing, check conversion services, corporate
disbursement services, returned check management and prepaid card
processing. For more information, visit Solutran’s website at www.solutran.com
or call 888.SOLUTRAN (888.765.8872).
Source: MoneyGram International
MoneyGram International, Inc.
Lynda Michielutti, 952-591-3846