US-based fintech holding company Atlantic-Pacific Processing Systems (APPS) has finalised the acquisition of cloud-based paytech company Paynomix.

Financial details of the transaction were not divulged.

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Under the agreement, Paynomix has now become a wholly-owned subsidiary of APPS.

The Georgia-headquartered company provides a cloud-based software to digitise and automate back-office financial processes for businesses.

Paynomix will continue to develop and help businesses implement its software-as-a-service (SaaS) payment solutions.

This includes its payment facilitation infrastructure platform; enterprise resource planning (ERP), customer relationship management (CRM) and an integrated accounting platform.

Its account platform integrates with QuickBooks, FreshBooks, Xero, Sage and over 40 retail, restaurant, and hospitality systems.

Paynomix also provides major processing platforms with access to a suite of semi-integrated, cloud-based payment terminals.

The company is focused on maximising customer interactions, streamlining operations and boosting revenues for merchants.

It allows their staff to accept payments online, on-call, or on a terminal, and send email or text invoices.

Joining APPS as its new chief information officer, Paynomix founder Brent Gephart said: “The entire Paynomix team is excited to join forces with APPS.

“We are thrilled to be able to provide APPS’ customers with new and exclusive technologies of substantial value and look forward to playing an important role in growing our businesses together.”

Atlantic-Pacific Processing Systems president and CEO Abe Maghaguian said: “Two key decision factors in acquiring Paynomix were the quality of their technology and their team of highly skilled payment experts.

“With years of payment design, coding and implementation experience, Paynomix solutions and people will be able to seamlessly integrate into the APPS environment to continue fuelling our rapid growth.”

Recently, PNC Bank forged a definitive agreement to buy Tempus Technologies, a payment gateway provider for businesses.

Besides, GreenBox POS signed a non-binding MOU to acquire ChargeSavvy, a specialty retail payment processing company.