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First Data, North American Bancard Each Complete Major Payment Acquisitions

At the end of May, First Data announced they had reached agreement to acquire another large, publicly traded payment processor, CardConnect, for $750 million. This occurred just two weeks after the privately held North American Bancard Holdings LLC agreed to acquire Total Merchant Services Inc., for an undisclosed amount, to become the 7th largest processor by merchant locations in North America.

Total Merchant Services (TMS) processes over $12 billion annually in payment card sales, which will grow North American Bancard’s processing volume to over $50 billion annually while also placing them in the top 10 of largest merchant acquirers by merchant count. In addition to growing their client base, the acquisition of TMS provides eCommerce payment features, mobile POS and omni-channel solutions.

Most recently, First Data and CardConnect reached an official agreement for First Data to acquire the payment processor, which is also publicly trade, for $15 per share, or about $750 million total. CardConnect processes $26 billion in payment transactions per year, more than twice the volume of TMS, the company North American Bancard acquired. While North American Bancard is now one of the ten largest acquirers in North America, First Data is one of the largest payment processors in the world, with annual processing volumes of $2.2 trillion.

CardConnect has a merchant customer base of 67,000 and features financial technology capabilities like integration between payment and ERP systems. They were previously a First Data partner. This is First Data’s second major acquisition of 2017, after acquiring PIN debit vendor Acculynk for an undisclosed amount in March.

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