Victoria-based Custom House Ltd. - a leading global payments company - is being sold to Western Union for $370 million US.
The deal is expected to close in the third quarter of this year.
Custom House became a success story on a scope rarely seen in Victoria. Founded 17 years ago by Peter Gustavson, it has almost 40,000 customers internationally and 630 employees worldwide. It allows for business to business payments between small and medium-sized firms.
In 2006, Great Hill Partners, of Boston, Massachusetts, made a “substantial equity investment” in Custom House and is a co-owner.
“We are extraordinarily proud of what the Custom House team has accomplished as an independent company and are excited about the increased potential that will come from leveraging our collective resources,” Gustavson said Thursday.
Custom House, with its head office on Fort Street, has a global network of trading offices and runs around the clock seven days a week. Customers can make payments in person or online. It has trading offices in North American, Europe and Asia Pacific. Payments can be made through the company in more than 120 countries.
Custom House sold to Western Union
Posted 07 May 2009 - 10:24 AM
Posted 07 May 2009 - 11:03 AM
Good for them!
Posted 07 May 2009 - 12:57 PM
Know it all.
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Posted 07 May 2009 - 01:29 PM
Whatever happened to that guy who barricaded himself on the roof of a Custom House building and threatened to reveal some insider info about the company, or something to that effect?
Wasn't he their marketing guy :-)
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