Acquisition further accelerates North American Bancard’s growth in business payment solutions and services
TROY, Mich. and WOODLAND HILLS, Calif., May 17, 2017 – North American Bancard Holdings, LLC (NAB), a multi-faceted and award-winning payment solutions provider, and Total Merchant Services, Inc. (TMS) announced today their agreement pursuant to which NAB will acquire TMS. The combined entity will be the 7th largest processor in terms of merchant locations in North America, processing nearly $50B annually.
“We are ecstatic about this acquisition,” said Marc Gardner, president and CEO at North American Bancard Holdings, LLC. “TMS has been an industry staple for more than 20 years and has a history of providing its clients premier business solutions with a strong focus on ease, affordability and customer service. It is these traits that made this acquisition a strategic fit for us.”
The acquisition brings the following to NAB:
- Substantial financial and channel benefits: Immediate growth in merchant base and revenue allowing for future investment in emerging technologies that drive ease of use for customers, along with access to additional integrated software vendors (ISVs) and payment solutions. The deal brings TMS’s more than $12 billion in credit and debit card transactions annually to NAB.
- Expanded product and service offerings: On a combined basis, the transaction makes available to customers a comprehensive suite of small business omni-channel solutions, including proprietary mobile and tablet point-of-sale (POS) solutions; mobile marketing applications; ecommerce options; traditional terminals; and small business financing.
- Enhanced go-to-market capabilities: The ability, under single leadership, to expedite processes and streamline an easy and affordable payments experience for new and existing merchants and resellers.
TMS is a leading payment solutions provider to small and medium sized businesses, offering a comprehensive suite of sales, payment processing, marketing and business management products and services. TMS’s integrated payments technology enables enterprise software developers to easily integrate payments into their applications. The company delivers its products and services via a network of over 3,000 sales partners, software developers and strategic partners.
“NAB is an ideal fit for TMS. This combination unites two companies that share a common vision for sustained growth, industry-forward leadership and strong commitment to customer service,” said Joe Kaplan, CEO of TMS. “I am confident that the broader platform and combined management team will pave the road for growth.”
Subject to regulatory clearance of the acquisition and other customary closing conditions, the transaction is anticipated to close in the second quarter of 2017.
Skadden, Arps, Slate, Meagher & Flom LLP and Berkowitz, Trager & Trager, LLC served as legal advisors to TMS. Honigman Miller Schwartz and Cohn LLP was counsel to NAB.