In February 2009 the company entered into an agreement with Fexco to acquire 100% of its shares for $ 159.9 million. In 1988, the company undertook a massive reorganization in response to rapidly changing business conditions. In particular, this need has arisen due to many technological changes that have taken place at that time. Company name was changed from Western Union Telegraph Co. to Western Union Corp. The Western Union Company - the American company, specialising on granting of services of monetary intermediary. Western Union was founded in 1851. The company is one of leaders in the market of the international remittances. In 1920, Western Union has implemented the world's first transmission of images over the ocean. As a result of 2011, net income of Western Union has increased by 28% to $ 1.165 billion, the company reported. Leaving the idea of expansion into Europe, Western Union took up the expansion of services in the U.S. market. In April 1851 companions registered in Albany New York and Mississippi Valley Printing Telegraph Company (NYMVPTC), which included founded two years before New York State Printing Telegraph Company. Payment systems are one of basic elements of infrastructure of e-commerce.