TIO Networks Corp. has announced that the company planned to acquire of Globex Financial Services Inc. The agreement for the acquisition also included Global Express Money Orders Inc., the operating business arm of Globex.

According to TIO Networks, the combined companies will be offering bill payment services to millions of US and Canadian consumers. Later this year was the target for closing the transaction. This would be after regulatory approvals have been given and requirements have been satisfied.

TIO Networks will be paying in cash plus debt and US$3 million in equity. The shares were to be issued to Core Innovation Capital at US$0.35 per share.

Upon acquisition, shareholders of Globex will be given compensation through a one-time preclosing dividend. In addition, TIO Networks will also shell out US$8 million as compensation to Globex shareholders.

In terms of managing the combined companies, Randy Mersky will be President of Globex. Mersky was the current President of Globex and Globex Express. He was also the largest shareholder of Global Express Money Orders.