GPS Capital Markets, a foreign corporate exchange brokerage, is up for sale, three sources said.
Citi is advising on the process, the people said. GPS, of Salt Lake City, Utah, provides corporate foreign exchange services to help companies manage their foreign currency risks. The company provides payment processing, FX hedging and exposure management. Al Manbeian and Ryan Gibbon, both managing partners, founded the company in 2002. GPS employed 63 people in 2018, according to Utah Business.
GPS is believed to produce $20 million to $30 million of EBITDA, one of the sources said.
GPS competes against CambridgeGlobal Payments, a B2B international payment provider, that was sold to Fleetcor Technologies in 2017. Fleetcor paid about $690 million for CambridgeGlobal.
Fintech is a hot market for private equity investors. Vista Equity Partners is buying AltaReturn, a provider of software for the alternative investment industry, Buyouts reported. Several large buyout shops were expected to bid for iPipeline, a supplier of cloud-based software for life insurance companies, that’s also on the block, Buyouts said.
Action Item: For more information on GPS, contact Manbeian by emailing him here.