Payroc, a merchant services and payment firm, has snapped up Integrity Payment Systems, a full-service processor and acquirer based in Chicago.
Upon closing of the transaction, the combined entities will have over 27,000 merchants and more than $8.2bn in annual core merchant processing volume.
Furthermore, both the companies are extending their member bank sponsor relationships with the addition of MB Financial Bank.
Payroc will now become an independent sales organisation (ISO) with MB Financial, while Integrity will be a third-party payment processor, ISO and encryption support organisation (ESO).
Payroc CEO James Oberman said: “We welcome the entire Integrity team, as this winning combination positions both companies for significant growth.
“We are very excited about our expanded relationship with MB Financial Bank and their commitment to the payments business.”
Integrity CEO and president, Mike Ponder, and CFO Anthony Morrison will continue to serve Integrity, while also becoming shareholders of Payroc. Furthermore, Ponder will serve on Payroc’s board of managers.
James Oberman will assume the CEO position. Payroc COO Matthew Austin will fill the same role for Integrity. Payroc chief risk officer Aaron Johnson also will serve in that capacity for Integrity.
Payroc president Adam Oberman said: “Integrity’s proven commitment to service combined with in-house, end-to-end processing and settlement capabilities are uniquely differentiated.
“The companies have the remarkable ability to serve traditional merchants, but also the customized requirements of the rapidly growing, technology-driven integrated software vendor (ISV) payments marketplace.”