Merchant acquirer Veracity Payment Solutions has acquired electronic payment solutions provider Vanco Services, with $80m in funds from private equity firm Great Hill Partners.

As per the terms of the agreement, Veracity and Vanco will be renamed as Vanco Payment Solutions and the companies will have around 38,000 clients nationwide, processing over $11bn electronic payments.

Vanco processes both credit card and ACH transactions on its platform for over 60 software companies through web services integrations, besides offering electronic transfer and posting of consumer bill payments from across national network of online banking sites.

Vanco Services president and chief manager Jeanne Spencer Rose said that with addition of Veracity’s strategic capabilities and financial backing, the company has the resources to take the business to the next level even faster.

Veracity, meanwhile, has appointed Kevin Lee as CEO.

The renaming of the company is expected to leverage the brand name recognition of Vanco Services and create a single corporate identity for the growing business. The company is set to launch a rebranding campaign throughout 2014.