Vantiv Picks up Halloween Treat: Acquires Litle & Co. for $361 Million
Oct. 31, 2012
Cincinnati-based payments processor Vantiv today confirmed it has signed an agreement to acquire e-commerce processor Litle & Co. for $361 million. Vantiv said Litle will become a subsidiary and will remain in its Lowell, Mass. headquarters. The purchase will bolster Vantiv’s e-commerce processing technology and immediately increase its customer base of online merchants. The acquisition highlights the growing importance of the e-commerce channel and its place in a multi-channel retail environment that large processors want to deliver to their clients as part of a single service, according to Charles Drucker, president and CEO of Vantiv.
“E-commerce is one of the fastest growing segments of payments,” said Drucker. “As our clients continue to expand their online presence to meet their consumers’ demands, they rely on us to meet their payments needs through our integrated processing platform. The acquisition of Litle & Co. will enable us to offer leading, integrated products in high-growth markets, allowing our clients to engage with their customers across multiple channels, with better visibility and increased simplicity.”
Vantiv traditionally has looked to acquisitions to grow the company rather than build and its move to go public this spring gave it additional resources to pursue that strategy, a Vantiv spokesperson said.
“Part of our growth strategy has always been looking at the right acquisitions,” Lynn Rhodes, senior vice president and communications director for Vantiv, told CardNotPresent.com. “When we IPO’d in March we reinforced that strategy. It was just finding the right team. This transaction demonstrates to our shareholders, employees and our customers that our company is committed to strategic growth acquisitions that further complement our extensive services and support capabilities to provide a compelling integrated, multi-channel solution to our customers.”
With roots in the catalogue business, Litle & Co. was one of the first payments processors to focus on card-not-present transactions and transitioned early to e-commerce processing. The companies expect the acquisition to close by the end of 2012.