June 6, 2019
SBC Travel Group has today announced the merger of two of its subsidiaries, in a move that seeks to align commercial synergies and help maximize operational efficiencies across the businesses. The merger will see Fenex absorbed by Global Direct to create a world-class, diversified payment technologies business that is well placed to contest in a rapidly changing industry and to pursue global growth opportunities.
Daryn Griggs, CEO of SBC Travel Group said, “The amalgamation of our businesses was a decision driven by the opportunity to better meet the changing needs of our customers, diversify our offering and ultimately, build a business that was better positioned for the future. We are excited by this opportunity, which we believe will deliver greater value for our shareholders and material benefits for key stakeholders, including the tourism and hospitality industry, governments and business partners.”
Combining the two complementary businesses, gives SBC Travel Group the ability to provide even more compelling solutions for customers by leveraging existing banking partnerships, blockchain and other leading-edge technologies to deliver a host of transformative payment products and services.
- Produces a superior unified payments platform with increased scale and resources that benefits customers and other stakeholders substantially
- Enhanced market opportunity as a result of ability to provide complementary business offerings
- Accelerated delivery of technological innovation and market development
- Expected to generate greater financial benefits
As they work to deliver the value of the combined companies, SBC Travel Group maintains they are equally focused on the development of the existing blockchain products previously offered by Fenex and advancing Global Direct’s pace of delivery of payment solutions. The merger is set to deliver unsurpassed innovation in payment technologies and expanded business capabilities, offering customers an integrated network of products and services that are tailored to their businesses needs and address their highest priorities.
About Global Direct
Global Direct is at the forefront of cloud-based payment, settlement and clearing technologies, providing fully integrated transaction, risk, liquidity accounting and cash management solutions for financial institutions and corporates. Global Direct gives its customers the ability to monitor data and make critical business decisions in real-time, whilst continuing to invest in innovation and leading technologies to generate greater strategic opportunities.
Supported by Blockchain, modern Internet and SaaS technologies, Fenex provides an innovative network of payment products and services, set to revolutionise B2B transactions. The platform gives businesses the power to digitize receivables, automate processing, diminish time-to-cash, reduce transaction fees, and generates additional revenue opportunities.
For more information, please visit the company's website at www.globaldirect.io or contact:
SBC Travel Group