TIO Says Globex Acquisition Will Strengthen Company, Expand Footprint (July 15, 2013)
July 15, 2013
TIO Networks Corp., a Vancouver, B.C.-based expedited payments service provider, announced on Friday it will acquire Globex Financial Services Inc. and its Global Express Money Orders business. TIO expects to close on the deal for the Silver Spring, Md.-based bill payment services provider later this year.
TIO plans to cross-sell its mobile payment, self-service kiosk and financial wallet technologies to an expanded customer base, thus strengthening its position in the bill payment marketplace, expanding its footprint and increasing revenue attributable to the utility industry.
“The combination of TIO and Global Express will create a formidable market leader in key segments of the underbanked financial services marketplace,” said Hamed Shahbazi, TIO Networks CEO.
TIO will be funding the transaction with a combination of cash on hand, debt and $3 million in equity issued to Core Innovation Capital at a price of $0.35/share upon closing of the transaction, according to an announcement. Randy Mersky will remain as president of Globex
In May, TIO partnered with iFactor Consulting, a developer of mobile apps, multichannel communications management systems and real-time outage maps for the utility sector, to expand the offerings of both companies by sharing TIO’s bill payment expertise and iFactor’s communications and mobile technology.