In 2007 the company made 167.7 million transactions on money transfers between individuals and 404.6 million transactions between physical and legal persons. 1970 - a new service called In 1849, Selden and Sibley, the founders of the future Western Union, created the New York State Printing Telegraph Company. In 1856, in 7 years after the foundation of New York State Printing Telegraph Company, the company changed its name to Western Union Telegraph Company.