Global merchant service provider NXGEN International has acquired electronic payment processing company Payment Plus for an undisclosed amount.
Founded in 1999, Payment Plus serves businesses in more than 30 US states.
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The deal is expected to provide Payment Plus’s customers with NXGEN’s portfolio of integrated products, software and services, mobile payment technologies and smart terminals.
Payment Plus president and CEO Tammy Zimmerman will continue to lead the business, and the company’s customers and partners will be retained.
Zimmerman added: “There were many similarities in how NXGEN and PPI worked to ensure their customers’ and partners’ success.
“Those synergies made the idea of joining forces with a global business like NXGEN the obvious next step for PPI and we are excitedly looking forward to bringing a wider array of cutting-edge products to our customers. The team we are joining at NXGEN is highly respected in the payments industry and committed to growth.”
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By GlobalDataNXGEN expects the deal to further accelarte its growth and expansion.
NXGEN founder and vice-chairman Tom Nitopi said: “I have known and admired PPI for its growth and commitment to excellence in its relationships with merchants, partners and the community. This acquisition enables NXGEN to continue to grow and expand its footprint in to new areas.”
For the merchant service provider, this acquisition is the third transaction since December last year, when it partnered with Parthenon Capital Partners.
Earlier this month, NXGEN announced merger with Payscape, expanding the payments and finance services of both the companies.
