Payment technology company TSYS has signed an agreement to buy payment solution provider ProPay.
While terms of the deal were not released, TSYS officials say the agreement was made in order to bolster the company’s position in the world of mobile credit card processing, especially with small businesses. According to Mobile Payments Today, ProPay works with about 250,000 firms, including thousands of small merchants, and offers services like mobile POS solutions.
“The acquisition of ProPay is another step in our long-stated goal of becoming a top 10 global acquirer that delivers innovative products,” TSYS CEO Philip Tomlinson told the news provider. “The move positions TSYS to capitalize on the explosive growth of mobile and more effectively compete in the small and micro-merchant segment.”
Digital Transactions reports that ProPay markets card-reading equipment and a smartphone application that lets mobile merchants easily accept credit and debit cards.
ProPay is a long-time client of TSYS. The acquisition deal is expected to be complete by the end of the year, pending regulatory approval.
TSYS, which has already completed several previous acquisitions, is expected to continue to buy companies to improve its position in the marketplace.