TSYS completes Cayan acquisition
TSYS has completed its acquisition of Cayan, a payment technology company focused on integrated payment products and merchant acquiring.
Cayan and TSYS' existing merchant businesses will be combined under the TSYS brand, which is intended to accelerate TSYS' position as a leading technology payments provider to small and medium size businesses in the U.S. The deal, which was announced on Dec. 18, closed in an all-cash transaction valued at approximately $1.05 billion, according to a press release.
"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 U.S." said M. Troy Woods, chairman, president and CEO of TSYS, in the release. "The addition of Cayan creates great synergies to identify best-in-class opportunities that will drive revenue. Together, we will continue focusing on developing products, technologies and services that merchants we serve want and need to continue to grow."
Cayan's Co-founder and CEO, Henry Helgeson, will serve as president of Cayan, reporting to Philip McHugh, senior executive vice president and president of merchant solutions for TSYS.
"TSYS shares our vision for the future and enhances our growth trajectory," Helgeson said. "Our business' foundation is its competitive technology and an unbelievably talented team, and I believe there is still tremendous, untapped market opportunity."