The company continues to maintain investor relations pages on its web site and to publish quarterly financial results. With this action the company reduced total debt by $3.3 billion, improving net leverage by 1.3 turns and significantly reducing annual cash interest payments. $1.2 billion of the placement came from KKR however the majority, $2.3 billion, was from hedge funds, mutual funds and institutions. In June 2014, First Data raised a historic $3.5 billion private placement. However, the company's LBO was financed with $24 billion in debt, and it remains heavily leveraged. As a privately owned company, First Data's stock was taken off the New York Stock Exchange on September 24, 2007. Ric Duques retired, and Michael Capellas, previously the CEO of MCI Inc., the president of Hewlett-Packard Company, and also the chairman/CEO of the Compaq Computer Corporation was appointed CEO. On April 2, 2007, it was announced that Kohlberg Kravis Roberts (KKR) had entered an agreement to acquire First Data in one of the largest leveraged buy-outs in history, and on October 1, 2007, KKR officially took over the First Data Corporation. The spin off occurred as planned on September 29, 2006. On January 26, 2006, First Data announced its intention to spin off Western Union into an independent publicly traded company through a tax-free spin-off of 100% of Western Union to First Data shareholders. Nevertheless, First Data eventually divested, closed down or absorbed these businesses. Additional acquisitions and strategic relationships included GovOne, eONEGlobal, Paymap, Inc., and Taxware. in 2004, which added the STAR Network and PIN-based debit acceptance at more than 1.9 million ATM and retail locations. VisionPLUS was followed by a $6.6 billion merger with Concord EFS, Inc.
First data credit card terminal software#
Expansion įrom 2001 through 2005, a period of expansion occurred as First Data acquired companies around the globe and in the US, including, in 2001, the acquisition of PaySys International and their VisionPLUS Payment Software System. Western Union became part of First Data as a result of the merger with FFMC. (FFMC) and was then organized into three major business units serving card issuers, merchants and consumers. In 1995, the company merged with First Financial Management Corp. įirst Data Corporation was spun off from American Express and went public in 1992. First Data Corporation was incorporated on April 7, 1989. The remaining 20% was purchased in 5% increments each subsequent year until June 1983. In 1980, American Express Information Services Corporation (ISC) bought 80% of First Data.
In 1976, First Data became the first processor of Visa and MasterCard bank-issued credit cards. It started off by providing processing services to the Mid-America Bankcard Association (MABA). Two years later, First Data Resources (FDR) was founded in Omaha, Nebraska in June 1971. In 1969, the Mid-America Bankcard Association (MABA) was formed in Omaha, Nebraska, as a non-profit bankcard processing cooperative.
It processes around 2,800 transactions per second and $2.2 trillion in card transactions annually, with an 80% market share in gas and groceries in 2014. The company handles 45% of all US credit and debit transactions, including handling prepaid gift card processing for many US brands such as Starbucks. debit cards.įirst Data has six million merchants, the largest in the payments industry. The company's STAR Network provided nationwide domestic debit acceptance at more than 2 million retail POS, ATM, and Online outlets for nearly a third of all U.S. First Data Corporation is a financial services company headquartered in Atlanta, Georgia, United States.
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