Visa has acquired software-as-a-service company Fraedom for £142 million ($200 million). The London.-based Fraedom provides expense management solutions for financial service companies. Visa’s acquisition comes after a decade of partnership between the two companies, Visa said in a release.
The acquisition will allow Visa to expand its business product suite for B2B payments, according to Visa’s Friday release. Fraedom CEO Kyle Ferguson will report to Kevin Phalen, the global head of commercial solutions at Visa. Fraedom will operate as a wholly owned subsidiary of the company.
The transaction is expected to close this quarter.
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