Warburg Pincus will buy payment technology company Electronic Funds Source for more than $1 billion, according to a source familiar with the transaction.
Warburg declined to disclose financial details of the transaction.
Electronic Funds Source primarily handles corporate payments and purchase control solutions. The company’s technology is used at over 11,0000 locations in North America, according to a statement.
Warburg is purchasing Electronic Funds Source from an investor group including First Data Transportation Services, CTP Holdings and FJ Management. Warburg will invest using capital from its $11.2 billion Fund XI that closed last May. The transaction is expected to close in the second quarter of this year.
The acquisition marks the third investment by Warburg this month. Warburg invested $70 million in Beijing-headquartered recruitment services business Liepin.com alongside Martix Partners China on Wednesday and bought aviation company Mercator earlier this month.Dubai-headquartered Mercator provides technology and software to help airlines move passengers and cargo to their destinations. Financial details of that transaction were not disclosed.
Warburg has previous experience in the aviation technology sector having established WNS Global Services, a business process outsourcing company in 2002 following the carve-out of British Airways’ key business processes from British Airways.