Vantiv, the provider of payments processing services and related technology solutions for merchants and financial institutions, announced Tuesday (April 25) it’s inked a deal to acquire Paymetric, a portfolio company of Francisco Partners. Terms of the deal were not disclosed.
In a press release, Vantiv said Atlanta, Ga.–based Paymetric automates B2B payment workflows within enterprise systems, including SAP, Oracle, Hybris, Salesforce and more. Paymetric also tokenizes payments data within these systems in order to enable secure storage of customer information and history.
“Acquiring Paymetric builds upon our strategy to expand into high-growth channels and verticals,” said Charles Drucker, president and chief executive officer of Vantiv, in the press release. “Paymetric’s deep system integration and workflow automation expertise will enhance our already-leading eCommerce technology capabilities. Paymetric‘s B2B focus will also enable us to enter this fast-growing vertical in a unique and differentiated way. I am pleased to welcome Paymetric’s employees to the Vantiv team, and I am excited about all of the great things that we will be able to do together.”
According to Vantiv, card-based transactions are the fastest-growing segment within the $30 trillion B2B payments vertical, whether it’s via the web, a mobile device or a customer service center. Despite that, nearly 70 percent of companies lack the back-office capabilities and systems integration necessary to efficiently accept these transactions, Vantiv said. By integrating leading ERP and CRM systems with robust payments capabilities, Paymetric helps the companies optimize workflows, save time and reduce costs. The acquisition continues Vantiv’s M&A strategy, which is aimed at leveraging its platform and expanding and diversifying the channels and clients it serves.
“By becoming part of Vantiv, we will be able to accelerate the development of our advanced payments integration and security solutions,” said Asif Ramji, president and chief executive officer of Paymetric, in the same press release. “Together, Paymetric and Vantiv will now both be able to offer an expanded suite of services to our clients and partners. We are excited to become part of Vantiv.”
Source: http://www.pymnts.com – Payments
Vantiv Inks Deal To Buy Paymetric