Western Union Business Solutions to be Renamed Convera

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Introducing Convera

Fintech veteran Patrick Gauthier joins as future CEO along with additional senior executives

Launch of Convera follows announced acquisition of B2B payments and foreign exchange solutions division of Western Union for $910 million by Goldfinch Partners and The Baupost Group

August 12, 2021, SEATTLE — Patrick Gauthier, who most recently served as Head of Amazon Pay, was today announced as the future CEO of new standalone business-to-business (B2B) cross-border payments and foreign exchange solutions provider Convera. Upon closing of the recently announced acquisition of Western Union Business Solutions (WUBS) by Goldfinch Partners, LLC and The Baupost Group, LLC for $910 million, the business will be renamed Convera. Gauthier and a team of executives filling new roles in the independent company will join WUBS’s exceptional executive team, providing seamless consistency and continuity of leadership for customers, counterparties, and employees.  Closing of the acquisition is subject to requisite works council and trade union consultations, regulatory approvals, and other customary closing conditions.

With 1,800 employees in over 30 offices globally, the existing WUBS business is one of the world’s largest non-bank providers of cross-border business payment and foreign exchange solutions processing over $110 billion in total payments volume in 2020. With an existing customer base of more than 30,000 small and medium-sized businesses, educational institutions, financial institutions, law firms, and NGOs spanning over 40 countries and territories and 140 currencies, the business possesses a truly global footprint and serves some of the fastest-growing segments of the B2B cross-border payments markets.

Following the close and operating as Convera, Gauthier and his team will build on WUBS’ customer-driven culture and accelerate key investments in technology, product innovation and people to drive growth.

Gauthier is an experienced fintech leader having formerly served as the Head of Amazon Pay. Prior to Amazon, Gauthier held senior leadership roles at, among others, PayPal and Visa. Gauthier holds several patents related to payments systems and is a recognized thought leader on the future of global commerce and payments.

In addition to the existing leadership team at WUBS, including Andrew Summerill who is expected to serve as Chief Financial Officer following the close, Gauthier will be joined by the following executives taking up new roles in the independent company, including: Dharmesh Syal, Chief Technology Officer: Dharmesh will be responsible for ​​leading global product and engineering teams to modernize and grow Convera’s technology platform. Jody Visser, Chief Transformation Officer: Jody will be responsible for supporting the business to become the world’s leading B2B payments company. Drew Weinstein, Chief Commercial Officer: Drew will be responsible for leading Convera’s global go-to-market activities and growth strategy.

“Following the closing, Convera’s global scale and existing customer base set it apart from competitors in the space and given the breadth of our regulatory footprint and bank network, I believe we’re well positioned to accelerate growth,” said Patrick Gauthier, CEO of Convera. “I am honored to work with the stellar WUBS management team as we build Convera into a market-leading fintech company.”

Goldfinch Partners’ Sean Collins and Bill McNichols and The Baupost Group’s Ryan Duffy will join Convera’s board of directors after the transaction closes.

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