Pay By Touch Completes Acquisition of CardSystems
Pay By Touch has announced it has completed the acquisition of substantially all the assets of CardSystems Solutions, Inc. for $47 million in stock and cash.
To complement the acquisition, Pay By Touch also announced that several industry-leading executives from CardSystems have been appointed to lead Pay By Touch Payment Solutions, a newly named business unit with responsibility for the Pay By Touch payment-processing unit (formerly known as iPAY) and the new CardSystems assets."CardSystems' assets complement Pay By Touch's existing payment-related products and services and provide a ready-made path to reaching more merchants and banks to further realize our vision to change the way the world pays," said John Rogers, founder, chairman and CEO of Pay By Touch. "To that end, the acquisition allows us to provide a richer and more comprehensive suite of end-to-end payment processing solutions."
Under the terms of the deal, Pay By Touch will assume responsibility for all CardSystems Solutions, Inc. assets and for payment relationships with 120,000 small and medium-sized merchants. The deal was completed primarily for stock and some cash. CardSystems provides integrated payment solutions to associations, financial institutions and independent sales organizations (ISOs), and retail merchants. Through these payment solutions, CardSystems processes more than $18 billion in Visa, Mastercard, American Express, Discover, online debit, and EBT transactions annually.
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