US Bancorp-subsidiary, Elavon has acquired Virginia-based Electronic Transaction Systems (ETS), a payment systems developer for various businesses.

The financial terms of the acquisition were not divulged.

The ETS acquisition will enable Elavon to integrate its payment processing into ETS’ software, which will enable Elavon clients to avail safe and easy access of its services.

Elavon CEO Jamie Walker said: “ETS has an innovative approach to merchant payments that fits well within Elavon’s strategy to provide businesses the ability to safely and quickly integrate into our system.

“ETS is a successful, dynamic company, and we look forward to growing our business together.”

As most of the businesses aim to procure software packages that feature payments acceptance and processing, the acquisition is expected to help Elavon to cater to these  requirements. Additionally, the ETS acquisition bolsters Elavon’s ecommerce services.

ETS CEO Ed Vaughan said: “We are thrilled to join with Elavon and become part of US Bank.

“We have worked with US Bank for the 20 years that we’ve been growing our company. There was simply no better choice than U.S. Bank, who knows us and shares our vision for the future.”

Besides the US, ETS has satellite offices in Germany, Canada and Ireland.

A registered service provider with MasterCard International and Visa International, ETS provides merchant services across 23 countries.