Financial terms of the deal remain undisclosed. Credit: Ground Picture/Shutterstock.

Tennessee based financial services company Celero Commerce has acquired Precision Payments, an electronic payments technology provider from Sarasota, Florida.  

Financial terms of the deal remain undisclosed. 

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Precision Payments, established in 2009, is known for delivering electronic payment solutions tailored to the needs of small and mid-sized businesses.  

The acquisition expands Celero’s footprint in the multi-lane retail sector and expands its network of sales professionals dedicated to serving local communities across the continent. 

This move is set to propel Celero’s annual card processing volume in North America beyond the $28bn mark. 

Precision founder Joel King said: “Throughout our 15-year journey, we have remained focused on helping local businesses thrive. Joining Celero provides our clients with access to an expanded range of innovative products and services that will improve our ability to support their growth.” 

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Celero CEO and founder Kevin Jones said: “I am excited to welcome the Precision team to Celero as we continue to build America’s premier SMB-focused fintech company. High-tech, high-touch solutions are at the heart of both Celero and Precision’s success, and our alignment will help fuel faster, more sustainable growth for our clients.” 

Earlier this year, the company also acquired Canadian electronic payments technology firm SONA, which Celero projected would boost its annual card volume across North America to nearly $26bn. 

SONA, founded in 2016, offers payment solutions to small and medium-sized merchants.