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TSYS To Acquire Full Ownership of Vital Processing Services

Wednesday 19 January 2005 11:41 CET | News

TSYS has signed an agreement to purchase the 50-percent equity stake that Visa U.S.A. holds in Vital Processing Services. Following the closing of the transaction, Vital will become a wholly-owned subsidiary of TSYS.

The purchase of the remaining 50% interest in Vital provides TSYS greater synergies for its clients that service merchants who accept cards as payments and issue credit to their customers. Vital is the second-largest processor of merchant accounts in the United States, serving more than one million merchant locations. Formed in 1996 as a joint venture between Visa U.S.A. and TSYS, Vital specializes in attractive, cost-effective, turn-key alternatives for acquirers that outsource their merchant business. Beverly Wells will remain the president, a position she has held since 2003. The transaction is subject to customary closing conditions, including regulatory approval. The transaction is expected to close in the first quarter of 2005. Questions regarding this acquisition will be addressed in TSYS quarterly conference call at 8 a.m. EST, Jan. 19, 2005. The conference call can be accessed at www.tsys.com by clicking on the Conference Call icon on the homepage. The replay will be available approximately 30 minutes after the completion of the call.


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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce