Payments processing services company Global Payments said that it has agreed to acquire Payment Processing, Inc. (PayPros), a California-based provider of payment solutions for 58,000 small-to-medium sized merchants in the US.
PayPros delivers products and services via a network of over 1,000 enterprise software partners to vertical markets that are complementary to the markets served by Accelerated Payment Technologies, a Global Payments company since October 2012.
“Our acquisition of PayPros will expand our direct distribution, add new vertical markets, accelerate growth in our largest geography and further enhance our existing integrated solutions business with the addition of PayPros’ talented team,” said Global Payments’ president and chief executive (CEO) Jeffrey Sloan.
Under the proposed terms of the deal, Global Payments will pay US$420m in cash to acquire PayPros, inclusive of tax assets. The transaction is expected to close by the end of Global Payments’2014 fiscal year. The company also announced that it plans to expand its current credit lines to support ongoing capital deployment and growth strategies. It expects the expansion to be completed in the fourth fiscal quarter of this year.
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