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First Data takes control of Omnipay
Tuesday, July 30 2002
by Matthew Clark


A majority interest in payment processing company Omnipay has been purchased by
US financial services giant First Data Corp, creating 60 new Dublin jobs.  

According to the companies, the majority interest includes a new equity
investment which First Data has made in Omnipay, although the value of the
investment and the total value of the deal remains undisclosed. Omnipay has
already received an investment from Irish company Fexco, which helped establish
the firm along with founders Brian Connolly and Hubert O'Donoghue in 2000. Later
in that same year First Data purchased 25 percent of Fexco for an estimated EUR60
million.  



Dublin-based Omnipay has developed a processing platform used by banks and other
financial services clients to handle multi-currency, credit card and electronic
payment services. Kerry-based Fexco is one of Ireland's largest financial
services companies, employing over 800 workers globally, and its main function is
the provision of business-to-business and consumer financial services, including
multi-currency credit card processing, dynamic currency conversion, tax reclaim
and international payments, among many other services. 



Last year Omnipay signed an IEP45 million deal with First Data Merchant Services
to use the Irish company's payment platform, mostly in the US. And now, according
to Connolly, the US firm is interested in expanding its customer base and
influence outside the US. Omnipay's platform will play an important part in this
process as it is rolled out in Europe as one of First Data's primary service
offerings.  



And the company's desire to acquire new subsidiaries is evident. In the last two
months alone, First Data has made three major acquisitions, including its
purchase of PayPoint Electronic Payment Systems from BP as well as a portion of
Huntington Merchant Services and its acquisition of E Commerce Group Inc. 



Moreover, First Data's most recent Irish investment and purchase will lead to the
creation of more jobs in Ireland, explained Omnipay chief executive officer Brian
Connolly. He told ElectricNews.net that Omnipay's employee numbers should
increase from around 40 currently to around 100 over the next 12 months, and
subsequently the business will need to look for larger facilities in Dublin. 



Discussing the company's success in the face of a difficult economy, Connolly
said the firm was performing well. "It (the weak economy) has certainly delayed
the processing of some agreements... but it's better that they were delayed
rather than abandoned," Connolly said. "I don't think anybody could say they
were unaffected."



As part of the deal, Fexco and all other shareholders will dilute their interest
in Omnipay to allow First Data to take the controlling stake.