Payment tech company TSYS said it has signed an agreement to acquire ProPay, a Lehi, Utah-based payment solution provider. ProPay works mostly with small and micro-merchants, approximately 250,00 of them, and offers services like mobile POS solutions.
"The acquisition of ProPay is another step in our long stated goal of becoming a top 10 global acquirer that delivers innovative products," said Philip W. Tomlinson, chairman of the board and chief executive officer, TSYS. "The move positions TSYS to capitalize on the explosive growth of mobile and more effectively compete in the small and micro-merchant segment."
ProPay CEO, Gary Goodrich, said his company has been a longstanding client of TSYS so it is well-acquainted already with the TSYS team, offerings and culture.
The deal should close later this year pending regulatory approval. Actual terms of the deal have not been not disclosed at this time.
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