Payment processing company Payroc has signed a definitive agreement to merge with Payscape, NXGEN International and BluePay Canada.
Financial details of the transaction were not divulged. The deal was funded by Parthenon Capital, a private equity firm that backs NXGEN and Payscape.
The deal creates a full-service global merchant acquiring and payment facilitating company.
It is also expected to further bolster Payroc’s footprint as a non-bank merchant acquirer.
With staff strength of over 1,000, the combined firm will serve 55,000 merchants across 46 countries.
Payroc CEO James Oberman said: “It’s an exciting time for all of us joining together to create an industry-leading global merchant acquirer, processor and payment facilitator.
“We are a unique and specialised full-service business, serving both the new world of integrated payments while continuing to support the traditional independent sales organisation and agent channels here in North America and globally.”
Oberman will become the CEO of the merged entity, while Payscape and NXGEN CEO Adam Bloomston will assume the role of president.
The transaction is subject to customary closing conditions.
Last week, NXGEN and Payscape acquired BluePay Canada, previously called Caledon Computer Systems.
A proprietary, full-stack payments processing platform, BluePay Canada offers payment facilitation services to global independent software vendors (ISVs).
Earlier this year, NXGEN and Payscape announced plans to combine their businesses. Subsequently, NXGEN acquired electronic payment processing company Payment Plus in May this year.