Payment technology provider TSYS has completed the acquisition of Utah-based ProPay, which offers payment solutions for organizations ranging from small to multi-billion dollar businesses.
The acquired entity will operate as a wholly owned subsidiary of TSYS and will report to TSYS merchant services segment president Mark Pyke.
ProPay chief executive officer and director Gary Goodrich said, "We are focused on expanding and accelerating the growth of our business in the U.S. and International markets, now with the power and reputation of the TSYS brand."
Further details of the transaction have not been disclosed.
ProPay and its board of directors received financial and strategic advice from Financial Technology Partners and FTP Securities, respectively.
Founded in 1997, ProPay processes for nearly 250,000 small and micro-merchants. It offers merchants self-enrolment, instant activation and simplified pricing in order to accept payments anytime or anywhere, whether online and offline.
Delivering services to over half of 20 major international banks, TSYS is headquartered in Columbus, Georgia, with local offices spread across the Americas, EMEA and Asia-Pacific.