ETA Members Global Payments Inc. and TSYS Agree to Multi-Billion Dollar Merger
5-29-2019
Global Payments Inc. and Total System Services (TSYS) will merge in a transaction valued at $21.5 billion, the payments technology companies announced Tuesday.
The latest in a series of significant payments mergers and acquisitions among industry leaders, the deal between Global Payments and TSYS will create “the premier payments technology company at scale in the largest and most attractive financial technology markets worldwide,” the companies said in a press release.
A “merger of equals,” the combined company will provide payments technology and software solutions to approximately 3.5 million predominantly small and medium-sized business locations and over 1,300 financial institutions across more than 100 countries, according to the press release.
According to the press release, TSYS CEO Troy Woods will become Chairman of the Board of Directors and Global Payments CEO Jeff Sloan will serve as Chief Executive Officer of the combined company and a Board member. The transaction is expected to close in the fourth quarter of 2019.
According to McKinsey, the payments market is expected to reach $3 trillion a year in revenue by 2023 as consumer use of electronic payments grows.
Click here to the press release.
About ETA
The Electronic Transactions Association (ETA) is the global trade association representing more than 500 payments and technology companies. ETA members make commerce possible by processing more than $6 trillion in purchases in the US and deploying payments innovations to merchants and consumers. Learn more: www.electran.org.
Related Posts
News
Is the Relationship Between Financial Institutions (FIs) And Fintechs Complicated? Not Anymore.
By Sumit Arora, Senior Vice President, Enterprise Payments Strategy, Wells Fargo Building a Balance Between Competition and Collaboration There is a long history between banking and technology, dating back to around 1866 when the telegraph . . .
6-16-2022
learn more
News
INFOGRAPHIC: Tracking the Evolution of Loyalty Solutions
Loyalty programs cultivate lifelong customers. And they’ve come a long way since the days of punch cards. Modern loyalty solutions integrated mobile payments, rewards and ecommerce technology to get customers to keep coming back. For . . .
5-20-2021
learn more