JetPay, a provider of debit and credit card processing, and prepaid card services, has wrapped up the previously announced acquisition of CollectorSolutions (CSI), a US-based debit and credit card processing company.
The combined business is expected to produce nearly $700m of annual credit and debit card processing volume and almost $4.5bn of annual e-check processing volume to JetPay.
It would have generated pro-forma revenues of $58.6m in 2015, a 35% increase over JetPay’s 2015 reported revenues of $43.3m.
The transaction was funded by the issuance of shares of JetPay common stock and the absorption of debt and is expected to be immediately accretive.
JetPay CEO Diane Faro said: "CSI has been a major customer of JetPay, which has allowed us to appreciate his leadership and ability to grow an organization that provides valued and innovative solutions to his customers.
"CSI will not only help us to expand our debit and credit card processing reach in these areas, but will also provide an excellent customer base and channel to offer our payroll and prepaid card services."
CSI CEO Gene Valentino said: "The breadth of JetPay’s technologically advanced credit and debit card processing product line will bring our customers added value."