JPMorgan and Chase announce new merger
JP Morgan and Chase Bank have today announced plans to acquire US-based financial settlement-solutions firm Xign.
The JPMorgan Chase Bank and Xign Corporation announced that they have signed an agreement and plan of merger whereby Xign, will be acquired and combined with the Commercial Card and Procurement businesses of JPMorgan Chase's Treasury Services unit.
Under the agreement JPMorgan Chase will acquire all of the capital stock of Xign, as well as the company's technology, services and Order-to-Pay domain expertise.
The acquisition is expected to close in the second quarter of 2007, subject to regulatory approval.
JPMorgan Chase has partnered with Xign to offer its order-to-pay solution set since October 2003, enabling customers to automate electronic purchase order delivery, invoicing and payments across Xign's global settlement network of more than 40,000 suppliers.
Richard Erario, senior vice president and business head for Commercial Cards and Procurement, said: “JPMorgan Chase's order-to-pay has evolved and now can be offered in a standardised version or in modules to deliver great value to organizations of almost any size, from middle market companies to large multinationals.”
