ETA Member TSYS Announces Plan to Acquire ETA Member Cayan

Global payments processor and merchant acquirer TSYS announced this morning in a press release its intent to acquire Cayan, a payments technology giant, in an all-cash transaction valued at approximately $1.05 billion.

“The acquisition of Cayan strategically complements our merchant goals to become a leading payment solutions provider to small and medium size businesses in the U.S. by delivering ‘best in class’ services and solutions.” said M. Troy Woods, Chairman, President and Chief Executive Officer, TSYS in the press release. “TSYS already has tremendous scale and distribution capabilities. The addition of Cayan’s unified commerce solutions puts us in a strong competitive position to jointly offer a broader set of value-add products and services to our partners and merchants.”

Cayan, a Boston-based firm, provides acquiring services to more than 70,000 merchants and 100+ integrated partners in the US largely through its flagship platform, Genius, an omni-channel cloud-based POS device.

“Cayan and TSYS are aligned in our strategy to provide cutting-edge payment solutions and a robust product offering to merchants across the U.S.,” said Henry Helgeson, Co-Founder and Chief Executive Officer, Cayan in the release. “We’re excited about the opportunity to bring innovative products to a broader customer base.”

The deal, which is expected to close in Q1 2018, has been approved by the TSYS Board of Directors but is subject to regulatory approvals and other customary closing conditions, the release said.

Read the full release here.