Voss Capital wants to maximize value at International Money Express

Business: International Money Express is an omnichannel money remittance services company. IMXI offers money transfer services digitally through a network of agent retailers in the United States, Canada, Spain, Italy and Germany. It works through company-operated stores, its mobile application and the company’s websites. Its remittance services include a suite of ancillary financial processing solutions and payment services available in all 50 states in the United States, Puerto Rico and 13 provinces in Canada. It offers money remittance services to Latin America and the Caribbean countries, mainly Mexico and Guatemala. These services involve the movement of funds on behalf of an originating consumer for receipt by a designated beneficiary at a designated receiving location.

Stock Market Value: $601.9M ($18.46 per share)

Voss has engaged with the company’s board and management team regarding ways to maximize shareholder value, including a possible sale of the company in a take-private transaction.

International Money Express is a money remittance services provider which enables consumers to send money from the United States, Canada, Spain, Italy and Germany to Mexico, Guatemala and other countries in Latin America, Africa and Asia. The company provides its services through a network of authorized agents located in various unaffiliated retail establishments, 118 company-operated stores and digitally via an app and its website. IMXI serves more than 4 million clients every month and has a goal of connecting families across borders, ensuring financial services are accessible to those who need them most. The company has roughly 20% market share in the top five Latin America and the Caribbean (LAC) markets and has been continually seeking expansion into new markets. For example, IMXI has made recent acquisitions of La Nacional in 2022, which has a strong market position in remittances to the Dominican Republic and other LAC countries. The company also acquired I-Transfer in 2023, which established outbound remittances capabilities from Spain, Italy and Germany. It also snapped up a money services entity in the United Kingdom in 2024, which will give the company the opportunity to provide outbound remittances from the UK.

This is not an opportunistic activist engagement for Voss. The firm initially reported holding IMXI in its Q2 2021 13F filing when the company was trading around $15 per share and it has held the stock ever since. Now, on Sept. 5, 2024, Voss filed a 13D and reported 5.64% ownership at an average cost of $19.14 per…