Financial terms of the transaction have not been revealed, although it is believed that revenue synergy will include the cross selling of TIO’s mobile payment, self-service kiosk and financial wallet technologies to an extended customer base.
Following completion of the integration, which is expected to conclude later this year after concerned regulatory approvals, the united firms will provide bill payment services to millions of consumers across the US and Canada.
TIO Networks chairman and CEO Hamed Shahbazisaid, "The combination of TIO and Global Express will create a formidable market leader in key segments of the underbanked financial services marketplace."
Based on the terms of the transaction, apart from $8m from TIO Networks, Globex will offer its shareholders a one-time pre-closing dividend.
Globex and Global Express president and one of the largest shareholders Randy Mersky will remain as president of Globex after completion of the deal.
With more than 57,000 endpoints to its processing network, TIO operates as a bill payment processor serving the telecom, wireless, cable and utility bill issuers in North America.
Founded in 1963, Globex Financial Services offers money order, bill payment and prepaid wireless services through thousands of retail locations in the US.
