Mergers and acquisitions activity in the hot payments space shows no sign of abating as Tsys agrees a $1.05 billion deal to buy out Boston-based merchant acquirer Cayan.
Cayan, a portfolio company of Parthenon Capital Partners, provides technology led acquiring services to more than 70,000 merchants and 100+ integrated partners in the US.
The combined company will serve about 730,000 merchant sites with an annual processing volume of more than $138 billion.
M. Troy Woods, chairman, president and CEO, Tsys, says: “The acquisition of Cayan strategically complements our merchant goals to become a leading payment solutions provider to small and medium size businesses in the US. The addition of Cayan’s unified commerce solutions puts us in a strong competitive position to jointly offer a broader set of value-add products and services to our partners and merchants.”
The Tsys board has approved the transaction, which is expected to close in Q1 2018, subject to regulatory approvals and other customary closing conditions.
Tsys' last acquisition in the payment space came in January 2016, with a $2.35 billion all-cash deal to buy out US merchant process TransFirst.