Payment solutions provider TSYS has agreed to acquire Cayan, a payment technology firm focused on integrated payment solutions and merchant acquiring, in a cash deal worth $1.05bn.
Boston-based Cayan offers acquiring services to more than 100 integrated partners and 70,000 merchants in the US. The company has several offices in the US and also operates in Belfast, Northern Ireland
The deal already received the nod from TSYS board of directors and is anticipated to be completed in the first quarter of 2018, subject to regulatory approvals.
TSYS expects the deal to be modestly accretive to its net revenue growth and adjusted earnings per share in the first full year following deal completion.
TSYS chairman, president and CEO M. Troy Woods said: “The acquisition of Cayan strategically complements our merchant goals to become a leading payment solutions provider to small and medium size businesses in the U.S. by delivering ‘best in class’ services and solutions.
“TSYS already has tremendous scale and distribution capabilities. The addition of Cayan’s unified commerce solutions puts us in a strong competitive position to jointly offer a broader set of value-add products and services to our partners and merchants.”