PE-backed WorldPay bolts on Pazien

Pazien aims to simplify the payments ecosystem for businesses by matching users with payment ecosystem partners and products via its platform. 

In 2010, Advent and Bain acquired card payment service RBS WorldPay from The Royal Bank of Scotland for an enterprise value of £2.025bn. The deal was the largest buyout transaction in the UK for three years. 

RBS was mandated to sell the division by a European Commission ruling, because the UK government owned a 70% stake in the bank following the financial crisis. RBS was able to retain a 20% stake in the division.

In 2013, WorldPay was reported to have secured a £700m refinancing, including a dividend recap for the private equity owners.

Around £340m of the new facility was reportedly used to pay a dividend, while the remainder repaid a mezzanine facility put in place at the time of the 2010 buyout of WorldPay.

Company
Boston-based Pazien uses its platform to match businesses to the appropriate payment partners and products.

People
Floris de Kort is CEO of WorldPay's e-commerce division.

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