Total Payments Services, a payments provider based in Columbus, Georgia has agreed to acquire Cayan LLC, a Boston, Massachusetts-based firm at a price of $1.05 billion. Cayan has been on a growth trajectory since Parthenon Capital Partners acquired it five years ago and its customer acquisition and payments technology is now used by over 70,000 merchants. The all-cash deal is slated to close next year in Q1.
“The acquisition of Cayan strategically complements our merchant goals to become a leading payment solutions provider to small and medium-sized businesses in the U.S. by delivering ‘best in class’ services and solutions,” M. Troy Woods, the chief executive officer, chairman and president of Total Payments Services said.
Total System Services, which is publicly listed has approximately 11,500 employees while Cayan has a headcount of about 250 people. Cayan’s flagship product is the Genius platform. The platform provides a scalable and unified commerce experience over various channels. Seven months ago Cayan launched the Genius Mini which is a gadget for handling payments from various sources including debit and credit cards, mobile wallets and chip cards.
Cayan was started close to two decades ago by Henry Helgeson, who is currently serving as the chief executive officer. The firm initially went by the name of Merchant Warehouse. Last year more than $20 billion was moved through Cayan’s platform.
Expanding in Belfast
The acquisition of Cayan by Total System Services comes a few days after the payment-processing tech firm disclosed that it will be unveiling a new support function for its merchant services at its Belfast, Northern Ireland officers. This will lead to the creation of 65 new roles in the country and this will mostly be in customer service. Some of the roles will include case managers, team leaders and client services representatives. Cayan’s support operation in Belfast will be aimed at offering support for the Unified Commerce Solution Suite and the Genius platform.
Employment grants worth approximately 680,000 sterling pounds have been availed to Cayan by Invest NI in support of the move by the payments processor to add new roles. The new positions that will be created will generate annual salaries of approximately 3.2 million sterling pounds.
Cayan’s first time to set up operations in Northern Ireland was three years ago. Last year in January the payments procession firm added 50 new roles to its Northern Ireland operation. Most of Cayan’s clients in Northern Ireland are based in the United States.