ATM maker NCR has agreed to acquire JetPay, a Pennsylvania-based payment processor, in a deal worth $184m.

As per the agreed terms of the transaction, NCR will pay $5.05 per share for JetPay.

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Upon the acquisition, NCR will integrate JetPay’s cloud-based payments technology into its enterprise point-of-sale (POS) terminals for retail and hospitality.

NCR said that the takeover supports its broader plan to boost recurring revenue and improve its mix of software and services.

NCR president and CEO Michael Hayford said: “The acquisition of JetPay is a key, strategic initiative that will enable NCR to create a full, end-to-end integrated payments offering for its enterprise-wide POS customers.

“Enabling payments as part of our transactions is part of our long-term strategy to create integrated value for our clients.”

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NCR will finance the deal using its existing cash reserves and revolving credit facility.

The transaction has already secured the go-ahead from the companies’ boards and is expected to be completed by the end of this year, subject to regulatory nod.

JetPay CEO Diane Faro said: “This combination dramatically accelerates our capabilities across these initiatives.

“NCR’s global footprint, brand recognition and track record of innovation will help us accelerate our strategic objectives and create even more value for our customers.”