Payment solution providers PayFacto has signed an arrangement agreement to buy all shares of hospitality technology firm Posera.

The terms of the transaction involve an all-cash consideration of $14.5m CDN on a cash-free, debt-free basis. Initially, Posera shareholders will receive $0.12 to $0.15 per common share, following by up to $2.4m CDN within 24 months.

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PayFacto offers payment processing services to more than 30,000 merchants. It has operations in Canada as well as the US.

In Canada, PayFacto is a shareholder of Interac, which integrates credit card processing with other major processors.

Posera works to improve over 15,000 hospitality businesses with multiple solutions, including the Maitre’D point-of-sale system and the SecureTablePay.

Posera chairman of the board Tom McCole said: “This is great news for both Posera and its shareholders, who will be receiving cash for their shares at a significant premium to today’s market share price.

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“The acquisition by PayFacto ensures Posera is poised for greater success, free from the administrative burdens of being a public company, and fully able to pursue technological innovation and growth.”

PayFacto president and CEO Martin Leroux said: “Because of Posera’s global customer-base and its foothold across multiple geographies, the merger of our two companies will strengthen and speed PayFacto’s growth story. We look forward to combining our respective products, services and successes, and building upon them.”

The deal has been approved by Posera board and is expected to close in January next year.