Georgia-based electronic payments processor TSYS has acquired Clarity Payment Solutions, a provider of pre-paid card systems, for $53 million in cash.
Clarity provides a data-driven processing platform that includes real-time administration and reporting tools, marketing and communications technologies and compliance and risk management systems.
TSYS says it will combine its pre-paid products with Clarity's to offer a comprehensive pre-paid platform. Anil Aggarwal will remain the chief executive officer of the new entity, which will be named TSYS Prepaid and based in New York.
M. Troy Woods, president and COO, TSYS, says: "Having Clarity as a part of the TSYS family ensures that TSYS will be able to capitalise on opportunities in emerging prepaid markets like healthcare, payroll, insurance claims, branded gift, corporate incentives, consumer promotions and teen."