SOURCE: PropertyBridge, Inc.

September 13, 2007 09:00 ET

MoneyGram Announces Agreement to Acquire PropertyBridge

Acquisition of Leading Multifamily Industry Payments Processor Extends MoneyGram's Capabilities in Key Real Estate Sector

OAKLAND, CA--(Marketwire - September 13, 2007) - MoneyGram International, Inc. (NYSE: MGI) today announced it has reached an agreement to acquire Oakland, California-based PropertyBridge, Inc., a leading provider of electronic payment services to the residential real estate management industry. The acquisition, expected to be completed in the fourth quarter of 2007, will expand the reach of MoneyGram's global brand and line of payment services into a dynamic and synergistic market.

"PropertyBridge provides best-in-class rental payment solutions to some of the largest property management companies in the U.S.," said Phil Milne, president and chief executive officer of MoneyGram. "It has developed a great system and a wonderful team to provide high value-added payment services to the multifamily housing industry. PropertyBridge is also a terrific strategic fit for us as we continue to build out and grow our bill payment business. We are very pleased that the management team and employees of PropertyBridge will remain with the company."

"We are excited to build on MoneyGram's excellent reputation of serving customers and communities worldwide," said Ryan Gilbert, chief executive officer of PropertyBridge. "With target audiences for our respective solutions closely aligned, this merger combines significant customer, technical, channel and go-to-market synergies. Together we will bring innovative payment solutions to the market while continuing to provide the highest level of service that our clients have come to expect." The PropertyBridge founding management team and structure will remain in place after the acquisition. Gilbert and President Jason Gardner will continue at the helm, the PropertyBridge name will be retained, and the 25-person company will remain headquartered in California. PropertyBridge will operate as part of MoneyGram's Global Payment Services group.

PropertyBridge processes the largest dollar volume of automated payments in the multifamily housing industry. Through the PropertyBridge Payments Platform™, consumers can pay rent and other lease-related transactions using any of seven payment types including payment cards (credit and debit), automated clearing house (ACH) and e-checks. PropertyBridge offers property managers and owners a previously unattainable level of integration and administrative efficiency in key areas of their business.

Financial terms of the acquisition were not disclosed.

About MoneyGram International, Inc.

MoneyGram International, Inc., a leading global payment services company and S&P MidCap 400 company, is based in Minneapolis. The company's major products and services include global money transfers, money orders and payment processing solutions for financial institutions and retail customers. MoneyGram is a New York Stock Exchange listed company, with $1.2 billion in revenue in 2006 and approximately 125,000 global money transfer agent locations in 170 countries and territories. For more information, visit the company's website at

About PropertyBridge, Inc.

PropertyBridge ( is the leading electronic payments processor for property managers and real estate owners in the multifamily industry. The PropertyBridge Payments Platform™ enables residents to pay rent and other lease-related transactions using multiple payment types, including credit and debit cards, Automated Clearing House (ACH), check scanning (Check 21/ARC), cash payment services, online bank bill payment, and lockbox services. PropertyBridge's rent payment solutions are fully integrated with the accounting systems and business processes of property management firms. Residents can pay rent online, by phone or in person and set up recurring payments. The company collaborates extensively with financial services leaders including Visa USA, MasterCard, Discover Financial Services, American Express, Wells Fargo Bank and First National Bank of Omaha.

Contact Information