Chicago-based Innerworkings described the deal as a multimillion dollar, multi-year agreement. In an interview with PrintWeek, InnerWorkings Senior VP-global strategies Seth Kessler would not provide specific dollar or print volume amounts, but did note, "It's a very large deal in terms of geography, in terms of complexity, in terms of print categories and it's a very large deal in terms of dollar volume. The savings attached to this are huge - it's a fantastic deal for MoneyGram and there are benefits for all parties."

Kessler said MoneyGram approached Innerworkings within the past year as they were trying to figure out a solution for some complex global requirements. "As they learned about the options in the marketplace, MoneyGram ended up feeling that having a print management company made a lot of sense, because they realized that, if done incorrectly, trying to manage a global brand with lots of locations and differences and needs would be a nightmare."

As part of the services contract, InnerWorkings will have employees on-site at MoneyGram's global headquarters in Dallas, as well as at their regional headquarters in London, England with local-level support as needed throughout the world.

MoneyGram is currently number two in the world behind Western Union in the global money transfer business. Recent news reports noted the company has stabilized in recent years after getting burned by having too many mortgage-related securities in its investment portfolio. The company generated nearly US$1.17bn in revenues last year, primarily from its money-transfer business, but also from bill payment, money orders and official check businesses.  

In a statement announcing the deal, Juan Agualimpia, MoneyGram executive vp/chief marketing officer said, "MoneyGram is making changes throughout the company to become more globally-efficient. This includes streamlining how we manage our print and signage resources.  We selected InnerWorkings based on the strength of its international platform, the experience the company has in servicing global accounts and its demonstrated ability to substantially reduce client expenses."

Kessler suggested InnerWorkings is hard at work on similar deals with large multinationals. "I oversee all our operations outside the US and I can't tell you how much demand there is right now for what we're doing," he added. "I've got a long list of companies that are far along the path of coming up with a global print management solution because everyone is being tasked with taking what's working and expanding it beyond the areas they know the best, which in the case of US-based companies is North America."

Kessler's statement echoes what George Sutton, managing director and senior research analyst covering business service and software with Minneapolis-based Craig Hallum Capital Group said earlier as he believed the company was reaching late stage discussions with "a number of the world's largest branded product companies" which was driving InnerWorkings to look at international expansion to match this new customer footprint.