US electronic payments processor Global Payments (GPN) has agreed to buy payments technology company Accelerated Payment Technologies (APT) in a US$413m cash deal.
GPN said that it will buy the Utah-based firm from current parent Great Hill Partners, a Boston-based private equity firm. APT services around 30,000 US businesses, processing online transactions for small to medium-sized merchants, which collectively produce around US$8bn in annual card revenues. It focuses particularly on the dental, medical, pharmacy, specialty retail, automotive and veterinary markets.
GPN already processes the majority of APT’s transactions under an existing independent sales organisation (ISO) processing relationship.
The deal is the latest in a series of investments by GPN to expand its business. Last month the company announced that it would buy the remaining 44% of its payment processing joint venture with HSBC Holdings for US$242m.
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