TSYS Acquires ProPay
Nov. 16, 2012
Just prior to Thanksgiving, Atlanta-area payments processor TSYS has gobbled up a Rocky Mountain ISO. Yesterday, TSYS agreed to acquire Lehi, Utah-based ProPay and its portfolio of 250,000 small and micro-merchants. In addition to traditional and online payment processing, ProPay offers its merchants mobile card acceptance capability.
“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 CEO of TSYS. “The move positions TSYS to capitalize on the explosive growth of mobile and more effectively compete in the small and micro-merchant segment.”
Terms of the deal, which is expected to close by the end of this year, were not disclosed.