Enterprise Ventures seals third company sale
MANCHESTER-based Enterprise Ventures has sold its third business within a matter of weeks with the sale of TransGlobal Payment Solutions, which provides online foreign exchange services.
TransGlobal, which has offices in St Helens and London, has been acquired by the outsourcing company Equiniti. The deal highlights Enterprise Ventures’ role as one of the most active investors in SMEs in the UK.
Transglobal helps corporate clients around the world to process international transactions and its online PayFac system claims to be the most secure and user-friendly foreign exchange system on the market.
Enterprise Ventures first backed TransGlobal at its launch in 2007, investing via the Coalfields Enterprise Fund, and followed up with a second round of funding in 2010.
Wayne Thomas, who led the deal for Enterprise Ventures, said: “TransGlobal Payment Solutions provides companies with a simpler, more cost-effective way to manage international transactions and is a rising star within the UK’s fintech sector. The deal will provide it with a platform for growth as part of a leading currency solutions provider and allow Equiniti to enhance its technological capabilities. It also represents a good return on our investment.”
Equiniti is a provider of technology and solutions to some of the best known brands and public sector organisations in the UK. The transaction follows a series of acquisitions by the group.
Gareth McIntegart of DLA provided legal advice to the shareholders on the exit.
Confidentiality agreement prevent the names of the other two businesses sold from being revealed, but they are out of the North West region.
