Visa announced that it has acquired Payworks, a Munich-based company that provides advanced payment gateway software for point-of-sale systems, offering a white labeled omnichannel payments platform, according to a press release. . 

Visa said it will combine Payworks' cloud-based solution for in-store payment processing with its own CyberSource digital payment management platform to create an integrated system for merchants and acquirers. 

The acquisition builds on a relationship dating back to February 2018, when CommerzVentures and Visa invested $14.5 million in a Series B financing round. 

"For the past two years we have partnered closely with Payworks to deliver cutting edge integrated commerce solutions for CyberSource's clients worldwide," Carleigh Jacques, senior vice president and global head of digital merchant products at Visa, said in the press release. "As these solutions become mainstream, aligning more closely with Payworks and combining our businesses is a natural extension of our relationship."

Terms of the agreement were not disclosed.