First Data is to acquire payment processor CardConnect for $750 million in cash. CardConnect - which processes approximately $26 billion of volume annually from about 67,000 merchant customers - went public last year when it was acquired by FinTech Acquisition Corporation
The company posted revenues of $589 million last year but turned in a loss of $16 million. A long-time distribution partner for First Data, CardConnect brings capabilities in integrated ERP payments to the table. The $15 per share deal marks First Data's largest takeover since flotation in 2015. First Data Chairman and CEO, Frank Bisignano, says: “This transaction is consistent with our strategy of integrating and scaling innovative technologies across our distribution footprint to better serve our partners and customers.”
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