Total System Services (TSYS), a global leader in payment processing, has announced that it has agreed to purchase fellow US payment technology company Cayan in an all cash deal worth $1.05bn.
Cayan provides integrated payment solutions to more than 70,000 merchants across the US, largely through the company’s flagship Genius platform – the first technology to integrate processing, payment acceptance and customer experience in one platform.
“The acquisition of Cayan strategically complements our merchant goals to become a leading payment solutions provider to small and medium size businesses in the U.S. by delivering ‘best in class’ services and solutions,” said M Troy Woods, Chairman, President and Chief Executive Officer, TSYS.
“TSYS already has tremendous scale and distribution capabilities. The addition of Cayan’s unified commerce solutions puts us in a strong competitive position to jointly offer a broader set of value-add products and services to our partners and merchants.”
With the acquisition having been approved by the Board of Directors, TSYS expects to complete the transaction in Q1 2018, subject to customary regulatory approvals.