US Bank has acquired talech, a supplier of point-of-sale software to small and medium-sized businesses.
Established in 2012, Palo Alto-based talech offers order management, inventory and staff reporting, customer management, business insights and payments processing through a single, integrated point-of-sale system. The company serves over 8000 restaurants, retailers and professional services companies representing $2.3 billion in processing volume.
Derek White, chief digital officer, US Bank, says the acquisition is part of a strategic shift aimed at providing value when and where customers interact with technology.
“Small businesses are a focal point for us as we transform how US Bank engages with customers and how our customers interact with their money, making it easy for them to make decisions at the moment they come into contact with our technology,” he says. “ Strategic acquisitions are one of the ways we are moving with speed and scale. Acquiring talech makes a lot of sense for a number of reasons, not the least of which is we share a vision for helping businesses simplify their operations and make better decisions through an integrated point-of-sale system.”
Talech will join the newly formed Digital team led by White, who joined US Bank earlier this year from BBVA as part of the company’s on-going digital transformation.
Financial terms were not disclosed.