Fiserv has agreed to acquire Pineapple Payments for an unknown sum to streamline the delivery of payment solutions to merchants.
Pineapple Payments, which was established in 2016, offers payment processing, proprietary technology, and omni-channel payment acceptance solutions for merchants.
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The company currently caters to over 25,000 merchants.
Fiserv said that it will continue to offer payment processing services to Pineapple Payments merchants.
The deal is expected to expand the reach of Fiserv’s payment solutions, including the CoPilot partner platform, Clover and Clover Connect.
Fiserv president and CEO Frank Bisignano said: “With Pineapple Payments already operating as a key distribution partner of Fiserv, we expect to accelerate the delivery of new and innovative capabilities to a host of new merchant clients.
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By GlobalData“Together, we will provide omni-channel payments technology and services to enable merchants to maximise the potential of electronic payment processing. We look forward to welcoming Pineapple Payments to the Fiserv family and continuing to provide the best-in-class solutions and service that merchants and their customers expect.”
Pineapple Payments’ core payment platform Transax and suite of its payments tools are distributed by resellers across the nation.
In December 2019, Pineapple Payments acquired the merchant portfolio of Paystri, a payment processing and strategic solutions provider, for an undisclosed sum.
Commenting on the deal, Pineapple Payments CEO Brian Shanahan said: “Pineapple Payments’ mission is to add value to the payments experience through simple, secure and scalable solutions. Based on our existing relationship, we believe Fiserv is the ideal partner to take that mission to the next level and beyond.”
Pineapple Payments president Jon Halpern added: “With the scale and expertise of Fiserv, we will make commerce even easier and more accessible in a variety of different segments. We look forward to our talented teams working together as we set a higher standard of service for our clients.”
The transaction is expected to close in the second quarter of the year, subject to customary approvals and closing conditions.
Earlier this year, Fiserv finalised its previously announced acquisition of Ondot Systems, a digital card services platform for financial institutions.
