TSYS to acquire fellow paytech firm Cayan for $1.05bn
Payments service provider TSYS is acquiring Cayan, a US-based paytech company, for $1.05 billion. TSYS expects the deal to modestly benefit its net revenue growth and adjusted earnings per share, reports Julie Muhn at Finovate (Banking Technology‘s sister company).
Cayan says its flagship platform, Genius, provides a scalable, unified e-commerce experience across channels. The company offers merchant acquiring services to 70,000+ companies and 100+ US-based partners.
M Troy Woods, chairman, president and CEO of TSYS, says this acquisition “strategically complements” the goals TSYS has “to become a leading payment solutions provider to small and medium size businesses”.
Woods continues: “The addition of Cayan’s unified commerce solutions puts us in a strong competitive position to jointly offer a broader set of value-add products and services to our partners and merchants.”
The acquisition has been approved by the TSYS board of directors and is expected to close in the first quarter of next year.
TSYS was founded in 1983 and has 11,500 employees across offices in 13 countries. Last year, the company processed 25.5 billion transactions, generating $4.2 billion in revenue.
It has recently extended its agreement with Capital One to continue providing processing services for the bank’s North American clients.
This October, TSYS expanded its ProPay merchant services to Australia and, earlier in the summer, teamed up with behavioral analytics company Featurespace to bolster its fraud prevention capabilities.
TSYS is a publicly traded company.