Payments provider TSYS has wrapped up the acquisition of Cayan, a provider of integrated payment solutions and merchant acquiring services, in an all cash deal worth around $1.05bn.

The deal was first announced in December 2017. The combined entity will operate under the TSYS brand.

Cayan co-founder and CEO will now become its president and will report to TSYS senior executive vice president and president, Philip McHugh.

Boston-based Cayan offers technology led acquiring services to more than 70,000 merchants and 100 integrated partners in the US. The firm has several offices in the US and Belfast, Northern Ireland.

Commenting on the acquisition, TSYS chairman, president and CEO M. Troy Woods said: “This strategic acquisition builds on our very strong foundation in the acquiring space and will support our goal to become a leading payments solutions provider to small and medium size businesses in the US.

“The addition of Cayan creates great synergies to identify best-in-class opportunities that will drive revenue.”

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