TouchNet adds over 600 higher education clients serving over six million students, nearly one-third of the higher-education enrollment in the US, to Heartland’s Campus Solutions business. The acquisition includes TouchNet’s software, customer base and existing employees.
Heartland is paying USD 375 million to acquire TouchNet and, on a non-GAAP basis, expects the transaction to be slightly accretive in 2014, and to add at least USD 0.30 per share in 2015. In addition, Heartland expects that this transaction will add over USD 60 million to 2015 net revenue. The transaction is expected to close in Q3 of 2014, subject to regulatory approvals and customary closing conditions.
Heartland Payment Systems delivers credit/debit/prepaid card processing, mobile commerce, ecommerce, marketing solutions, security technology, payroll solutions, and related business solutions and services to more than 275,000 business and educational locations nationwide.
TouchNet offers colleges and universities the ability to accept students’ tuition payments through its U.Commerce System, a unified commerce management service for Higher Education.
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