Payments technology provider Repay has acquired TriSource Solutions for a maximum consideration of $65m.

Repay paid $60m upfront and will pay the remainder depending on the performance of the business.

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Established in 2007, TriSource has operations in Bettendorf that serves as its base as well as East Moline.

The firm offers back-end transaction processing services to independent sales organisations (ISOs). It also serves as a direct ISO on behalf of its owned portfolios and external sales agents.

The latest deal builds on the existing relationship between the two parties.

This relationship began in 2012 when TriSource started serving as Repay’s primary third-party processor for back-end settlement solutions.

TriSource COO Deborah Brown said: “We have partnered with REPAY for many years and believe they will help us to accelerate our processing business growth.”

Repay funded the deal using its current liquidity and borrowings under its credit facility.

Repay CEO John Morris said: “TriSource will enable us to build more intelligent payment solutions and bring these solutions to our customers faster.

“Additionally, we see the potential for strong organic growth in TriSource’s back-end settlement business, and our long partnership with TriSource has illustrated its inherent value proposition.

“We are looking forward to leveraging TriSource’s capabilities to drive continued growth. Further, the acquisition enhances our M&A strategy, as having our own back-end transaction processing capabilities will allow us to reduce future targets’ transaction processing costs and to expedite other synergy realisation efforts.”

Morris expects the deal to immediately add to Repay’s earnings.