Vantiv Acquires Arizona ISO
July 29, 2013
During its conference call late last week reporting second-quarter financial results, Cincinnati-based payments processor Vantiv revealed it has agreed to purchase Element Payment Services. During the session for media and analysts, Vanitv CEO Charles Drucker said the Phoenix-based ISO will enable Vantiv to accelerate its penetration into the ISV (independent software vendor) space.
“Element will give Vantiv the strategic capabilities to partner with ISVs and other technology partners and will position Vantiv to capitalize on the integrated payment trend,” Drucker said during the earnings Webcast. “It will add unique capabilities to Vantiv’s processing platform and will give us new sales channel capabilities that we can use to accelerate our penetration into high-growth verticals.”
Vantiv said it will leverage its superior distribution network to offer several technological capabilities Element brings to the deal including point-to-point encryption, tokenization and Chip-and-PIN POS technology. Neither company disclosed financial terms of the agreement, but Drucker said he expected the acquisition to close during the third quarter of this year and that it would not affect Vantiv’s 2013 earnings.