JPMorgan and Chase announce new merger

JP Morgan and Chase Bank have today announced plans to acquire US-based financial settlement-solutions firm Xign.

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.”

More in this section

The Business Hub
Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
Puzzles logo
IE-logo

Puzzles hub

Visit our brain gym where you will find simple and cryptic crosswords, sudoku puzzles and much more. Updated at midnight every day.

Lunchtime
News Wrap

A lunchtime summary of content highlights on the Irish Examiner website. Delivered at 1pm each day.

Sign up
Revoiced
Newsletter

Our Covid-free newsletter brings together some of the best bits from irishexaminer.com, as chosen by our editor, direct to your inbox every Monday.

Sign up