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TIO Networks Corp To Acquire Globex Financial Services, Inc.

Friday, 12 Jul 2013 07:05am EDT 

TIO Networks Corp announced that it has entered into an agreement to acquire Globex Financial Services, Inc., and its operating business Global Express Money Orders, Inc. (Global Express). Globex is a bill payment services provider to some of the utilities in the United States. The acquisition of Globex Financial Services, Inc. will strengthen TIO's position in the bill payment industry and provide TIO with a national footprint. It is anticipated that revenue synergies will include the cross selling of TIO's mobile payment, self-service kiosk and financial wallet technologies to an expanded customer base. The combined companies will offer bill payment services to millions of consumers across the US and Canada. The transaction is expected to close later this year after regulatory approvals and requirements have been satisfied pursuant to the jurisdictions both companies operate in. Globex Shareholders shall be compensated by a one-time pre-closing dividend by Globex in addition to USD8 million from TIO Networks. 

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