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TSYS (NYSE: TSS) announced that it has signed an agreement to acquire ProPay, a Lehi, Utah-based company, that provides simple, secure and affordable payment solutions for organizations ranging from small, home based entrepreneurs to multi-billion dollar enterprises.
Founded in 1997, ProPay currently processes for approximately 250,000 small and micro-merchants, with a strong footprint among Direct Selling Entities (DSEs). It offers merchants self-enrollment, instant activation and simplified pricing to begin accepting payments anytime or anywhere — online and offline. ProPay offers a mobile payment acceptance dongle — branded as ProPay JAKTM — that attaches to smart phones and tablets to securely process payments and encrypt data.
“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 chief executive officer, TSYS. “The move positions TSYS to capitalize on the explosive growth of mobile and more effectively compete in the small and micro-merchant segment.”
“We have been a long-standing TSYS customer and it has been an excellent partnership. We are well acquainted with their team, offerings and culture, and know this will be a great fit for our customers and team,” said Gary Goodrich, chief executive officer and director, ProPay. “We are focused on expanding and accelerating the growth of our business in the U.S. and International markets, now with the power and reputation of the TSYS brand.”
The transaction is expected to close in late 2012, pending regulatory approvals and customary closing conditions. Upon closing, ProPay will become a wholly owned subsidiary of TSYS and maintain its location in Lehi, Utah. Terms of the deal are not being disclosed. Financial Technology Partners LP and FTP Securities LLC (together “FT Partners”) acted as exclusive financial and strategic advisors to ProPay and its Board of Directors in this transaction.