TSYS Acquires Remaining Interest in FNMS
Jan. 10, 2011
TSYS, a Columbus, Ga.-based payments processor, recently announced it has acquired the 49-percent of First National Merchant Solutions, LLC (FNMS) it did not already own from First National Bank of Omaha for $169.6 million. The company, which offers several card-not-present payment solutions to its merchant clients, will be rebranded as TSYS Merchant Solutions. TSYS formed a joint venture with FNBO in April 2010, when it acquired a 51-percent controlling interest in the direct merchant acquirer and transaction processor. “We have been very pleased with the performance of the joint venture, and determined that total ownership is important to our diversification strategy,” said Philip W. Tomlinson, chairman of the board and chief executive officer of TSYS. “TSYS Merchant Solutions positions TSYS for further growth in the acquiring industry.”FNMS was ranked as the 10th-largest merchant acquirer in the U.S. by dollar volume in 2009 and includes more than 300,000 active merchant outlets in its diverse portfolio. The transaction closed Jan. 1, 2011.