Australis Capital (AUSA) has signed a non-binding letter of intent (LOI) to buy 100% of Paytron, an omnichannel payment services provider.
Paytron, which was founded in 2015, offers merchant services, including credit and debit card processing.
It also offers secure gateway processing, point of sale hardware, card terminals, and business loans.
The payment services provider will continue to operate as an independent sales organization (ISO) after the completion of the deal.
It will become the payment branch of AUSA’s operating subsidiary Cocoon Technology.
Furthermore, Marc Ruben will take over the role of vice president of payments at AUSA.
Ruben earlier had stints at Bank of America Merchant Services, Sun Trust Merchant Services and First Data Canada.
AUSA senior vice president of M&A Cleve Tzung said: “Through our acquisition of Paytron and the addition of Marc Ruben and his team, Cocoon Technology will be positioned to bundle self-service technology, payment processing technology and ISO referral networks across North America.
“These existing relationships will aid in the growth of Cocoon Technology sales while providing dispensaries with an even more robust self-service solution.”
Ruben commented: “I’m very excited to be bringing over 20 years of expertise in the payments space to AUSA.
“I look forward to rapid growth as we bring our existing partnerships to the AUSA family.”