Global Payments Inc., a provider of processing solutions for electronic transactions, announced today that it is acquiring Accelerated Payments Technologies, an integrated payments solutions provider targeting small and medium-sized merchants that processes about $8 billion in card transactions annually.
"Over the course of our long-standing relationship with APT, we have been impressed with the quality and growth of their payment technology solutions," said Paul Garcia, chairman and CEO of Global Payments, in a statement. Garcia noted that APT serves industries that helped attract Global Payments such as the medical, pharmaceutical and automotive markets.
Under the agreement Global Payments will pay $413 million for APT to Great Hill Partners, the Boston-based private equity firm that owns APT. The agreement is still pending regulatory approval but is expected to close during Global Payments' second fiscal quarter for 2013. Global Payments already processes the majority of APT's transactions.
Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio