TORONTO, ONTARIO--(Marketwire - Dec. 18, 2012) - Cambridge Mercantile Group, a leader in global payments and foreign exchange, is pleased to announce the company's first major acquisition with Global Exchange Group (GEG), a division of Fulton Bank, N.A.
"We are very pleased to announce our new alliance with Global Exchange Group. The new partnership will allow our companies to expand our foreign exchange and international payments services into new global markets and offer best in class solutions to existing and new customers," said Bernard Heitner, co-founder and chief executive officer, Cambridge Mercantile Group. "We are particularly excited about GEG's established market presence in the legal community where they have provided their payment services to the Intellectual Property division of major legal firms. On behalf of the entire Cambridge global team, this is a significant milestone in our company's history, and we look forward to delivering both companies' long tradition of superior customer service."
The companies will work together in the coming months to merge the businesses, and Global Exchange will continue to work from its Merchantville, New Jersey location. All services and contact information will remain the same. The deal is scheduled to close on December 31st, 2012.
"Cambridge Mercantile is known for its incredible legacy of more than 20 years of foreign exchange industry experience, a commitment to high quality standards and exceptional service," said Anthony Loiacono, president of sales and marketing, Global Exchange Group. "We are delighted to partner with a company who possesses the same vision and depth of service as ours. I look forward to harnessing our combined 40 plus years of experience, reputations and industry commitment to continue to grow the Global Exchange business and deliver outstanding customer service."
GEG brings to Cambridge its excellent client retention and deep-rooted market expertise in the legal vertical. They fully integrate into a legal firm's back office, managing their IP invoicing and payments - a key function in the client's environment to establish long lasting relationships.
About Cambridge Mercantile Group
Since its inception in 1992, Cambridge Mercantile has been earning the trust and respect of leading companies around the world by providing efficient and customizable global payment services that are second to none. Recently, Cambridge's traditional business model has been complimented with an extensive suite of hedging and risk management products, powered by payments technologies widely regarded as industry leading. With offices strategically located across the globe, Cambridge facilitates the secure and prompt movement of over $20 billion dollars annually for thousands of clients of all sizes and niches. For more information, visit www.cambridgefx.com.
About Global Exchange Group
Founded in 1994, Global Exchange is a leader in international payment solutions. Global Exchange understands that today's global payment process is increasingly cumbersome, costly and time consuming. As a result, Global Exchange's interchangeable solutions improve the time and cost to transfer funds internationally. Global Exchange possesses the ability to offer any size organization an invaluable alternative to their traditional bank or third-party relationship. For more information about Global Exchange, visit http://www.gexchange.com.