Payment Cloud Technologies and Tuxedo Money merge in €70m deal
Payment Cloud Technologies and Tuxedo Money Solutions have merged to form Omnio Group, a provider of cloud-based banking and payment services, in a deal valued at €70 million.
The new group – led by Ian Clowes (founder and CEO of Payment Cloud), who has been appointed group CEO – will operate across the UK, Europe and Australia.
The deal also brings The Change Account Limited, a “banking inclusion” company, and Travel Welfare, an airline compensation firm into Omnio.
Clowes says: “By combining our capabilities, we not only have the scale to compete globally – we can also leverage our technology investments to offer new solutions and products.”
Omnio will focus on the banking, retail, airline and corporate payments markets. The company’s client base includes Unisys and Ghana International Bank.
According to Omnio, the group processes payments worth in excess of €1 billion annually, manages more than two million active accounts with balances of €100 million and supports more than 300 banking and payment programmes worldwide.
Other appointments on the new board include chairman Scott Lanphere representing EDC Advisors (which structured and negotiated the deal); and Michael Peplow, who becomes chief operating officer and director.
Based in London, the group has offices in Chester (UK), Melbourne, Luxembourg and Johannesburg.