Global Payments Acquires Utah ISO for $413 Million
Aug. 16, 2012
Global Payments has agreed to acquire Accelerated Payment Technologies (APT), an independent sales organization that serves small and midsize businesses producing $8 billion in payment card volume annually. The Atlanta-based payments processor, which experienced a significant security breach this spring , will pay $413 million in cash to APT’s private equity owner Great Hill Partners. Global Payments currently processes transactions for APT’s merchant clients.
“The APT team has successfully positioned themselves as a leading provider of integrated payments with a rapidly expanding network of software partners,” said Matthew T. Vettel, managing partner of Boston-based Great Hill Partners. “Global Payments has been a key strategic partner for APT, and we expect the combined businesses will continue to thrive.”
Global Payments expects the transaction to close during the company’s second fiscal quarter (October-December) 2013.