Pineapple Payments, a Pennsylvania-based payment processing technology provider, has snapped up Illinois-based peer Transax for an undisclosed sum.
Transax tends to merchants and integrated software vendors through its payment gateway as well as other omni-channel payment enablement solutions. The business processes over $1bn in payment volume per year.
Pineapple CEO Brian Shanahan said: “Transax has a 10-year track record as an omni-processing payment gateway connecting merchants of every size to the top payment processors in the world like Worldpay and TSYS.
“When you add in its suite of products tailored for SMBs and software developers to enable payments and the platform’s ability to be customised for and tailored to each individual partner or business, the conversation about where we are going to take Pineapple drastically changes.”
The acquired entity will continue to operate from its existing Rolling Meadows offices. Meanwhile, Pineapple will continue to expand its downtown Pittsburgh base.
“We are thrilled for Matthew Schwartz, Adam O’Hare and the rest of the Transax team to join us at Pineapple. We are well-positioned to grow their platform and we have big plans for bringing it to market under the Pineapple brand,” Shanahan noted.
The latest deal marks Pineapple’s fifth acquisition this year. The company actually made four purchases in the last 10 months. This is since raising $40m in a Series A funding round led by Providence Strategic Growth.