California-based e-payment services provider Merchant e-Solutions has secured a $7 million Series C financing round led by 3i US. Concurrent with the funding, the vendor has acquired credit card payments services firm Transcom Payment Services.
Founded in 1999, Merchant e-Solutions provides both traditional and Web-based payment services and provides clients with transaction and chargeback reporting, sales management, credit scoring and underwriting, risk scoring, customer service management and pricing and profitability management.
Transcom has a portfolio comprising more than 4300 merchant accounts and over $1 billion in annualised credit card sales. Merchant e-Solutions' says the acquisition will drive revenues in its direct sales channel.
Sharif Bayyari, CEO and president of Merchant e-Solutions, says: "Transcom has established an effective sales force, targeting the B-to-B merchant segment. This has resulted in $1 billion in growth over the last two years."
Financial terms of the acquisition were not disclosed.