Payment solutions company TSYS announced it will purchase merchant solutions provider TransFirst for $2.35 billion.
The all-cash transaction will offer the Georgia-based company access to TransFirst’s 235,000 U.S.-based SMB clients. The deal is expected to enhance the ecommerce and omni-channel offerings of TSYS, making it the 6th largest U.S. acquirer based on net revenue. It will also boost its SMB client base to upwards of 645,000 merchants.
TransFirst’s 1,000 U.S.-based employees will join the TSYS workforce of 10,500. Upon closing the transaction, Mark Pyke, senior EVP and president of the TSYS Merchant segment, will leave his six year career at TSYS. John Shlonsky, TransFirst president & CEO will fill his role.
In a video, Troy Woods, chairman, president & CEO of TSYS discusses the transaction with John Shlonsky, TransFirst president & CEO:
The deal is expected to close next quarter.
TSYS last demoed at FinovateAsia 2013 in Singapore, where the company debuted Authorization Controls.
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