In November, 2010, Advent International and Bain Capital announced the completion of the purchase of RBS Worldpay from the Royal Bank of Scotland Group.
The new company, now known as Worldpay is the largest provider of card payment services in the UK and Europe and the fourth largest globally. In 2009, the business processed a total of 6.8 billion transactions worldwide with a value of £243 billion.
The $2 billion transaction resulted from proactive dialogue with senior management at the bank, careful diligence with industry-leading operating partners and support from industry advisors and portfolio support teams. The deal represents a significant step for the business, yet with continuity of people, and day-to-day activities.
The market for electronic payments offers significant growth opportunities in a number of areas, including a continuing shift from paper based payments (cash and cheques) to electronic payment methods such as debit and credit cards; the growth of eCommerce and the adoption of new online payment methods; and expanding opportunities in emerging markets.
The strategy going forward is to accelerate the growth of the business through additional investments into technological infrastructure, people and product development.