Payment solutions provider TSYS has closed the purchase of TransFirst, a portfolio company of Vista Equity Partners.
Following the acquisition, TransFirst and TSYS’ existing merchant businesses will be combined under the TSYS brand.
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The deal will make TSYS the sixth largest merchant acquirer in the US based on revenue and the third largest integrated payments provider in the US.
The combined business will serve approximately 645,000 merchant outlets in the US with nearly $117 billion in transaction volume, and will enhance TSYS position in the high-growth areas of integrated payments, e-commerce and omni-channel services.
TSYS president and CEO M. Troy Woods said: "The acquisition of TransFirst, gives us the technology, scale, and distribution capabilities that propel us to a leadership position within merchant acquiring similar to the scale and strength we have in issuer processing and prepaid program management. Our position and strength in these three key areas of payments further diversifies our business and makes TSYS unique among its peers.
TransFirst president and CEO John Shlonsky said: "We will combine automation and technology to support an integrated platform to deliver relevant products and solutions to our partners and merchants — not just process transactions."
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By GlobalDataAdditionally, TSYS has named TransFirst president and CEO John Shlonsky as senior executive vice president. He will be responsible to lead the combined businesses reporting to TSYS president and CEO-elect Pam Joseph.
TSYS agreed to acquire TransFirst for $2.35bn in an all-cash transaction in January 2016.
