Investment firm Integrum has agreed to acquire payments and commerce solutions MerchantE (ME) from Brazilian payments firm Cielo.
Financial and other terms of the deal were not disclosed by the companies. Integrum is paying up to $290m for the acquisition, according to a report by Reuters.
Georgia-headquartered ME offers a ‘full-stack’ payments platform to mid-market B2B customers. The platform features front and back-end processing capabilities and provides direct connectivity to the major card brands.
ME is said to process more than $17bn in payments volume for its 13,000 merchants.
Integrum co-founder Tagar Olson said: “The US payments sector is a large, growing market driven by the continued secular shift toward digital payments.
“As a result of our team’s extensive experience and deep network, payments is a core investment focus for Integrum and we view MerchantE as an attractively-positioned platform in the sector.”
Integrum co-founder Ursula Burns said: “We are extremely excited about the opportunity presented by ME’s strong foundational technology and unified end-to-end processing capabilities.
“We believe our team is uniquely positioned to partner with ME to deliver meaningful value creation for our investors.”
Integrum Investment Committee member Jeff Livingston commented that ME is ‘perfectly situated to take advantage of the rapidly changing payments landscape’.
Livingston added: “We intend to continue the company’s investments in their product, customer success, and go-to-market capabilities to deepen and broaden their relationships with mid-market B2B customers.”
Last week, private equity firm Madison Dearborn Partners signed a deal to buy cross-border money transfer company MoneyGram International for $1.8bn.
In 2020, fintech firm Vesta, which provides payments and fraud detection technologies, was scooped up by private equity firm Goldfinch Partners.