Xoom, a leading digital money transfer provider, has acquired BlueKite, LTD, a cutting edge technology company that develops applications to improve the way people around the world pay their bills, for approximately $15 million in cash and equity.
Guatemala City-based BlueKite, which currently has 30 employees, caught Xoom’s eye because of its technology platform for cross-border bill payments and mobile phone top-ups. This acquisition will allow Xoom to offer adjacent services to its money transfer offerings.
"I am very pleased to announce that Xoom has acquired this exciting, young company, BlueKite. By adding these services, Xoom continues to broaden our relationship with our customers, and in so doing, create greater lifetime value and increased loyalty to the Xoom brand," said John Kunze, president and CEO for Xoom. "We're excited to build out bill pay and top-up services and enlarge and strengthen the Xoom team with our new development center in Guatemala City. This development center will also augment our San Francisco product and development efforts."
Bobby Aitkenhead, former CEO of BlueKite, will report to Kunze as VP in charge of Xoom Bill Pay and Xoom Top Up.
"Xoom's online and mobile platforms are disrupting traditional forms of money transfer, and we are thrilled to be part of the Xoom team," said Aitkenhead. "The people, technology, consumer reach, and brand appeal are a perfect fit for our company. We all look forward to a great future together and contributing to Xoom's mission of offering customers convenient, fast and cost-effective ways to send money."
Initial product services will be announced later this year.