Celero Commerce, a Tennessee-based electronic commerce solutions provider, has acquired payment processing services providers Elmhurst Financial Services and Tandem Innovative Payment Solutions.
The companies did not reveal the value of the deal.
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The senior leaders of the acquired entities will now become part of the management team at Celero.
After the purchases, Celero’s merchant count stands at around 25,000.
Currently, the firm has five US offices with staff headcount of over 100.
Celero CEO Kevin Jones said: “Bringing Elmhurst and Tandem into the Celero family allows us to reinforce our ability to empower financial institutions and SMBs to compete in the dynamic, technology-forward marketplace.”
Tennessee-based Elmhurst is a financial institution-focused provider of payment processing services. It was founded by Paul England.
The firm teams up with regional and community banks to develop their customer relationships.
Commenting on the deal, England noted: “Joining the Celero family enables Elmhurst to more effectively serve its customers by leveraging Celero’s technology orientation in a rapidly changing fintech environment.
“As part of Celero, we have the unique ability to provide a more robust set of business management solutions and payment processing capabilities to our bank partners.”
Tandem, headquartered in South Carolina, is a technology-focused payment processing solutions provider.
It serves financial services providers and SMBs, providing them payment processing tools that are technology-oriented.
The company was set up by Larry Feniger.
