Worldpay, a leading global provider of payments technology and services to merchants, partners and developers, announced today it has entered into a definitive agreement to acquire SecureNet Payment Systems for an undisclosed price.
SecureNet is principally owned by Sterling Partners, a Chicago-based private equity firm.
"On behalf of the entire SecureNet team, allow me to be the first to say just how excited we are to join forces with Worldpay."
SecureNet is a market leader in multi-channel commerce technology and has pioneered the payment industry's only cloud-based solution that seamlessly integrates point-of-sale, mobile and eCommerce payments processing, inventory management and data analytics for merchants. The company's sophisticated single stack of payment APIs and flexible architecture allows integration for all types of transactions, in all development languages, across all channels.
"We can uniquely accelerate the delivery of an integrated, omni-channel payments environment to the market by combining SecureNet's innovative software integration with Worldpay's direct acquirer distribution advantages and partnership management strengths gained by our recent acquisition of Century Payments," said Tony Catalfano, CEO of Worldpay US. "As the US leader in modern money, this also gives us a differentiated ability to offer actionable, SKU-level data insights to our customers to help them grow their businesses."
SecureNet, based in Austin, Texas, features an extensive network of more than 100 referral and integrated partners and relationships with more than 17,000 merchants. The company has several patents pending for its technology and a strong track record of rapid innovation delivery.
"We are excited about this next chapter with Worldpay as it provides a unique opportunity for us to bring a truly differentiated proposition to more partners and more merchants and to continue to drive technical innovation in the industry," said Brent Warrington, CEO of SecureNet. "On behalf of the entire SecureNet team, allow me to be the first to say just how excited we are to join forces with Worldpay."
Worldpay Group CEO Philip Jansen commented: "This transaction underscores our commitment to providing merchants with next generation innovation and best-in-class payments processing solutions, and we are very pleased to bring SecureNet's market leading technology and talent into the organization."
The transaction is expected to close in December 2014, subject to customary regulatory approvals and closing conditions. Brent Warrington and the SecureNet management team will remain with the company, which will maintain its commitment to the growing Austin technology community.
William Blair acted as exclusive financial advisor to SecureNet and Sterling Partners and Katten Munchin Rosenman LLP served as their legal advisor. Hunton & Williams LLP acted as legal advisor for Worldpay.