Payment and software company Paystone has announced the acquisition of Canadian Payment Services (CPS) for an undisclosed sum.
CPS offers merchant services such as credit card and Interac processing, gift card and loyalty programmes among others. It has served more than 10,000 merchants.
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By GlobalDataThe acquisition strengthens Paystone’s position, which processes over $10bn annually in bankcard volume through its 35,000 locations across Canada and the US.
Paystone is also looking to hire over 100 new employees by the end of this year to grow in service, offering, and revenue.
CPS marks the sixth acquisition by Paystone, which bought Montreal-based DataCandy and Vancouver-based NiceJob in the past two years.
Paystone CEO Tarique Al-Ansari said: “This is the largest acquisition we have made to date in relation to both new revenue and clients. Additionally, we are also excited to provide additional value to CPS merchants through Paystone’s proprietary product and service offerings.”
CPS managing director Simon Lobanov said: “We are happy to turn our customer base to Paystone so they can continue to receive the highest level of customer care as well as be able to grow their business via new value-added products proprietary to Paystone.”
In January 2021, Paystone raised $69m in funding to support its growth in electronic payment processing solutions and customer engagement services.
