First Data acquires CardConnect
30 May 2017 | 9873 views | 0
First Data is to acquire payment processor CardConnect for $750 million in cash.
CardConnect - which processes approximately $26 billion of volume annually from about 67,000 merchant customers - went public last year when it was acquired by FinTech Acquisition Corporation. The company posted revenues of $589 million last year but turned in a loss of $16 million.
A long-time distribution partner for First Data, CardConnect brings capabilities in integrated ERP payments to the table.
The $15 per share deal marks First Data's largest takeover since flotation in 2015.
First Data Chairman and CEO, Frank Bisignano, says: “This transaction is consistent with our strategy of integrating and scaling innovative technologies across our distribution footprint to better serve our partners and customers.”