WorldQuest Networks acquires international money transfer company

World IT Report, Apr 9, 2003

U.S.-based Internet telephony company WorldQuest Networks, Inc., has acquired Clicks2India.com, an international money transfer company. The cash purchase price was not disclosed.

Clicks2India.com is a Web-based company that enables consumers to send money and a personalized message from the United States to friends, family or others in India. The company has a strategic relationship with a major Indian bank, approval from the Reserve Bank of India, a sophisticated on-line customer sales process, and a streamlined, efficient local delivery system that allows delivery of funds from the United States to someone in India within 48 hours.

To transfer funds, a U.S. based customer accesses Clicks2India.com's web site, enters the recipient's name and a personalized message along with a designated major credit card for payment of funds. Upon credit card authorization, funds are wired to India and delivered by local courier to the designated recipient using the Indian bank's network. The company receives revenue as a percentage of the funds transferred. Since the company's launch in October 2000, Clicks2India.com has transferred in excess of $2.1 million for more than 7,000 customers. -(World IT Report)