Global Payments, a US-based electronic transaction processing services provider, has signed an agreement to purchase Payment Processing (PayPros), for $420m inclusive of tax assets.
The transaction, which is subject to pending regulatory approvals and customary closing conditions, is expected to close by the end of the firm’s 2014 fiscal year.
California-based PayPros is a provider of fully-integrated payment solutions for 58,000 small-to-medium sized merchants in the US.
With annual revenues of approximately $100m, PayPros offers its products and services through a network of over 1,000 technology-based enterprise software partners to vertical markets that are complementary to the markets served by Accelerated Payment Technologies.
Global Payments president and CEO, Jeffrey Sloan, said: "Our acquisition of PayPros will expand our direct distribution, add new vertical markets, accelerate growth in our largest geography and further enhance our existing integrated solutions business with the addition of PayPros’ talented team."
PayPros president, Eddie Myers, added: "The strength of Global Payments’ distribution combined with our differentiated service offering will accelerate value delivery to our partners and provide opportunities for growth over the long-term."