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Wednesday, July 9, 2014

Warburg Pincus taps former Visa executive Walsh, (NYSE: V)

Private equity firm Warburg Pincus LLC said on Wednesday it appointed Michael Walsh, the former head of a Visa Inc payment management unit, as an adviser in its technology, media and telecommunications investment team. Walsh was president and chief executive officer of CyberSource Corp, a payments company that Visa acquired in 2010 for $2 billion. Before joining CyberSource, he worked in enterprise software sales for Oracle Corp and in the private wealth management division of Merrill Lynch.Warburg Pincus said Walsh will help the New York-based firm identify and evaluate investment opportunities in the payments sector around the world.Warburg Pincus has over $37 billion in assets under management and has invested more than $15 billion in technology, new media and related companies since its first fund in 1971. In April it agreed to acquire transportation services payments company Electronic Funds Source LLC for more than $1 billion.

Visa Inc. (Visa) is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and electronic payments. Shares of V fell by 0.24% or $-0.52/share to $214.74. In the past year, the shares have traded as low as $170.99 and as high as $235.50. On average, 2949950 shares of V exchange hands on a given day and today's volume is recorded at 217877.