Sigue was founded in 1996 by Guillermo de la Viña and is headquartered in Sylmar, California, Sigue is a global leading financial services company providing international electronic money transfer services to Mexico, Central America, South America, the Caribbean and the Philippines.
The company is privately held and operates through a comprehensive network of agents in 50 jurisdictions in the United States through different models to best serve its customers, with additional valued services.
Transfers are paid primarily through our network of agents in Mexico, as well as through thousands of affiliated banking and other pay partners in Mexico and throughout the rest of Latin America, the Caribbean and the Philippines.
In Aug. 24, 2010, Coinstar, Inc. (NASDAQ: CSTR) and Sigue Corporation announced the signing of a definitive agreement for Sigue to purchase Coinstar's money transfer business. The closing of the transaction is expected in 2011, subject to certain closing conditions and required regulatory approvals."We believe that our global money transfer business should complement Sigue's already extensive network of money transfer agents in the United States and Latin America," said Paul Davis, chief executive officer of Coinstar, Inc. "In addition, the sale of the money transfer business allows Coinstar to direct its full efforts toward our automated retail strategy."
Guillermo de la Viña, chief executive officer of Sigue stated, "Following the closing of the transaction, Sigue will become one of the largest global money transfer companies with pay out locations in over 130 countries. This acquisition is complementary with our existing strategy and will allow us to better serve customers here in the U.S. and around the world." He continued, "We are very pleased to enter into this agreement with Coinstar, which will allow both companies to focus on our core competencies and strengths."
Coinstar, Inc. (NASDAQ: CSTR) is a leading provider of automated retail solutions offering convenient services that make life easier for consumers and drive incremental traffic and revenue for retailers. The company's core automated retail businesses include the well-known redbox® self-service DVD rental and Coinstar® self-service coin-counting brands. The company has approximately 26,900 DVD kiosks and 19,000 coin-counting kiosks in supermarkets, drug stores, mass merchants, financial institutions, convenience stores, and restaurants.
