company Western Union has announced that it has acquired Travelex Global Business Payments.
Western Union acquired the company for $973.8 million (£616.9 million) in a bid to broaden its presence in the business money transfer market, which is worth an estimated $24 billion.
The acquisition means that Western Union has gained 1,000 new employees, which takes its global workforce to more than 8,000.
The company's customers will now be able to send cross-border payments in more than 140 different currencies from 18 countries. Western Union said more countries will be added to the list in 2012.
Over the next few months, Western Union plans to integrate Travelex Global Business Payments into its Business Solutions division, which will be based in London.
Hikmet Ersek, president and chief executive of Western Union, said business-to-business payments are one of the company's main focus areas.
"With the closing of this acquisition, we have a very strong position in a market that has significant growth potential.
"Building on our existing strong global fundamentals - our brand, agent network and regulatory expertise - we are creating a larger, stronger and more dynamic organisation focused on a market that we believe to be underserved."
Mr Ersek added that the newly-expanded company will now be able to serve its corporate clients more effectively and provide them with a "world-class" level of customer service.
In 2010, Western Union completed around 214 million consumer-to-consumer transactions worldwide and 405 million business payments.
Western Union, along with the Vigo and Orlandi Valuta branded services, are offered through approximately 485,000 agent locations in 200 countries and territories.