Worldpay

Worldpay
Public limited company
Traded as LSE: WPY
FTSE 100 Component NYSE: WP
Industry Electronic Payment Services
Founded 1989 (as Streamline)
Headquarters London, United Kingdom
Key people
 Sir Michael Rake
(Chairman)
Philip Jansen
(CEO)
Services Payment Services, Payment gateway
Revenue £4.5408 billion (2016)[1]
£389.2 million (2016)[1]
£131.5 million (2016)[1]
Owners Advent International and Bain Capital
Number of employees
 5,000 (2017)[2]
Website www.worldpay.com

Worldpay Group plc (formerly RBS WorldPay) was a payment processing company. It was listed on the London Stock Exchange until 16 January 2018 when it was acquired by Vantiv to form Worldpay, Inc.

History

Worldpay started as an electronic payment system called Streamline which was first released by Centre-file ltd, a wholly owned subsidiary of National Westminster Bank, in 1989.[3]

In 1995 the Streamline system was reabsorbed into the bank when the trading name and payroll service of Centre-file ltd were sold to Ceridian. NatWest was acquired in 2002 by Royal Bank of Scotland Group (RBS)[4] which renamed the business RBS WorldPay. RBS expanded the business significantly by acquiring and merging a number of payment solutions companies from different countries. Over the next five years it was combined with seven leading retail payment solutions brands: Streamline, Streamline International, PaymentTrust, Netherlands based Bibit, RiskGuardian and US-based Lynk.[5]

As a condition in the European Commission's clearance in December 2009 of state aid to RBS, Worldpay was to be sold as part of a plan to divest selected businesses from the group. On 6 August 2010, Advent International and Bain Capital agreed to acquire Worldpay for £2.025bn including a £200m contingent consideration. The RBS Group retained a 20% stake in the newly independent business[6] with Advent International and Bain Capital owning 40% each. The sale completed on 1 December 2010. RBS WorldPay was renamed Worldpay as part of the deal.[7]

On 21 December 2010, almost immediately following on from the sale, Worldpay acquired Cardsave, one of the UK’s leading independent sales organisations distributing credit and debit card processing services to small retailers.[8] In May 2011 Worldpay acquired Envoy Services Limited, a leading provider of alternative payment solutions to eCommerce merchants worldwide, for an undisclosed amount.[9]

In June 2013, Worldpay launched Worldpay Zinc, a mobile card processing terminal which connects to smart phones.[10] In September 2013 Worldpay revealed it had acquired US payment processing company Century Payments.[11] Then in November 2013, Royal Bank of Scotland said it had sold its remaining stake of about 20 percent in Worldpay to the payment processing firm’s majority shareholders, private equity firms Advent International and Bain Capital.[12] The company listed on the London Stock Exchange through an initial public offering (IPO) in October 2015.[13]

In 2014, Worldpay announced a definitive agreement to acquire SecureNet Payment Systems[14] from private equity firm Sterling Partners. The acquisition was completed in December of that year.[15]

In July 2017, Vantiv announced its intention to acquire Worldpay for $10.4 billion.[16][17][18][19] Subsequent announcements have indicated that the combined entity will be named "Worldpay," headquartered and listed in the United States, but internal operations will be based in the U.K.[20] In August 2017, Vantiv announced that it would acquire Worldpay.[21] The transaction was completed on 16 January 2018.[22]

Operations

The company provided payment services for mail order and Internet retailers, as well as point of sale transactions. Customers are a mix of multinational, multichannel retailers, with the majority being small business merchants. It also provided loans to small businesses.[23]

See also

References

  1. 1 2 3 "Preliminary Results for year ended 31 December 2016" (PDF). Worldpay. Retrieved 15 April 2017.
  2. ↑ "Company overview". Worldpay. Retrieved 15 April 2017.
  3. ↑ "Worldpay value hits £5bn on market debut". The Independent. 14 October 2015. Retrieved 15 April 2017.
  4. ↑ "Worldpay launches London's biggest float of 2015 with bosses set for £100 million bonanza". Standard. Retrieved 15 April 2017.
  5. ↑ "A new start: WorldPay's Ron Kalifa". Banking Technology. 20 May 2011. Retrieved 15 April 2017.
  6. ↑ "RBS Announces WorldPay Sale". PEHub. August 2010.
  7. ↑ "RBS completes sale of RBS WorldPay". Worldpay. 1 December 2010. Retrieved 25 January 2011.
  8. ↑ Sophie Baker (20 December 2010). "Worldpay acquires Cardsave". FStech.
  9. ↑ "WorldPay acquisition of Envoy Services". Worldpay.
  10. ↑ "Mobile chip and pin device launch to help sole traders". Worldpay Press release. 27 June 2013.
  11. ↑ "Worldpay US Purchases Century Payments". Yahoo finance. 30 September 2013.
  12. ↑ Tasim Zahid (27 November 2013). "RBS sells remaining Worldpay stake to Advent, Bain Capital". Reuters.
  13. ↑ "Worldpay floats in largest London IPO this year". The Telegraph. 13 October 2015. Retrieved 6 November 2015.
  14. ↑ "Worldpay Announces Agreement to Acquire SecureNet Payment Systems". Business Wire. 2014-11-11. Retrieved 2017-07-21.
  15. ↑
  16. ↑ Bray, Chad (2017-07-05). "Vantiv Offers Worldpay a Deal Valued at $10 Billion". The New York Times. ISSN 0362-4331. Retrieved 2017-09-15.
  17. ↑ "Subscribe to read". Financial Times. Retrieved 2017-09-15.
  18. ↑ "U.S. payments firm Vantiv clinches $10 billion deal to buy Worldpay". Reuters. 9 August 2017. Retrieved 2017-09-15.
  19. ↑ Hussain, Noor Zainab. "U.S. card firm Vantiv goes global with $10 billion Worldpay buy".
  20. ↑ "The Deal Is Sealed, Vantiv Will Buy Worldpay For $10.4 Billion". Pymnts.com. 9 Aug 2017. Retrieved 9 August 2017.
  21. ↑ "Vantiv takes Worldpay global – MoneyWeek". MoneyWeek. 2017-08-18. Retrieved 2017-09-15.
  22. ↑ "Vantiv officially completes Worldpay acquisition". Mobile Payments Today. 16 January 2018. Retrieved 17 January 2018.
  23. ↑ "FTSE 100 newcomer Worldpay begins expanding its territory by offering loans to small businesses, just weeks after it floated". This is money. 4 December 2015. Retrieved 6 December 2015.
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