In February 2009 the company entered into an agreement with Fexco to acquire 100% of its shares for $ 159.9 million. 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. Another invention of Western Union - time synchronization. In the early 60s Western Union has put into operation transcontinental microwave system of data transmission via radio waves, completely replacing the web of telegraph poles and wires. Separation of the companies had two objectives: first, to give Western Union the opportunity to develop more intensively, and secondly, to help First Data to return to its original activity (in 1992 the company separated from the payment system of American Express as an independent financial services company). Payment systems are one of basic elements of infrastructure of e-commerce. Before transition to remittances Western Union company rendered services on sphere of cable communication. On the market was placed about 765 million of ordinary shares of the company. On the first day trading on the exchange the company's shares rose by 3.3% and the cost was $ 19.96. 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.