Payment processor Payroc has acquired the assets of iTransact, a payment processing gateway and merchant account provider, for an undisclosed amount.
iTransact offers end-to-end merchant solutions, which include mobile, internet and traditional retail services. It also offers custom gateway services with access to a virtual terminal, recurring billing, point-of-sale solutions, Applepay, EMV, electronic check and ACH services.
The transaction will add 300 trusted advisor referral partners and 6,000 merchants with over $1.3bn in annual processing volume to Payroc.
Under the deal, Payroc will also gain mobile point-of-sale technology, a proprietary e-commerce gateway, and an integrated payment facilitator (PayFac) platform that will improve the delivery of customized vertical market payment solutions for micro, small and medium-sized vendors.
Payroc CEO James Oberman said: “We are excited about the opportunities and enhanced value we can deliver to referral partners, merchants and employees with our increased scale. The acquisition aligns with Payroc’s deep commitment to exceptional service and payment solutions.”
Payroc president Nicholas Oberman said: “We are pleased to welcome iTransact employees, leadership team, referral partners and merchants to the Payroc family. With iTransact, Payroc is uniquely positioned to capitalize on opportunities for significant growth.”
iTransact CEO Stephen Hall said: “The iTransact team is excited to join forces with Payroc. This winning combination will enable us to enhance the value we provide to our trusted advisor referral partners and their merchant clients through more robust solutions and expanded service offerings.”
Additionally, Payroc has appointed Stephen Hall to its board of managers. Porter Hall and Stephen Hall will serve as advisor consultants.
iTransact executive vice president referral partners David Hall, chief product and technology officer Jared Poulson, and senior vice president business development and training Colby Poulson will also join Payroc.