Payment technology provider TSYS has signed an agreement to acquire Utah-based ProPay to gain and capitalize on the growth of mobile and self-enrolment capabilities for small and micro-merchants.
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."
Without disclosing further details of the transaction, the company said that deal is yet to receive regulatory approval and is expected to close in late 2012.
Following the completion of the acquisition, ProPay will serve as a wholly owned subsidiary of TSYS and continue its operations from its existing location in Lehi, Utah.
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, with self-enrolment, instant activation and simplified pricing to begin accepting 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.