Deluxe, a Trusted Business Technology company, has announced an agreement to acquire First American Payment Systems for USD 960 million in cash, subject to customary adjustments.
This transaction is expected to accelerate the company’s transformation into a large payments’ technology company as part of its One Deluxe strategy. First American is a privately owned, industry-leading, large-scale payment processor.
The company provides partners and merchants with in-store, online, and mobile payment solutions, including digital payment processing services that help customers navigate through traditional, mobile, and virtual point-of-sale channels. With the acquisition of First American, Deluxe is expected to double the annual revenue of its Payments segment while maintaining healthy margins, according to Business Wire.
Upon close of the transaction, the First American management team will join the Deluxe Payments team, and Randel will become Managing Director, Merchant Services.
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