Digital Transactions:
The consolidation trend sweeping through the merchant-acquiring business made headlines again Monday morning with the news that Total System Services Inc. has agreed to buy Boston-based acquirer and technology provider Cayan LLC for approximately $1.05 billion in cash. The deal, which TSYS says it expects to close in the first quarter of next year, brings to the Columbus, Ga.-based processor new gateway technology and a roster of some 70,000 small-and-medium-size merchants generating $26 billion in annual gateway and processing volume combined. It also anchors the company in the rapidly growing market for software and services that integrate payments with point-of-sale technology for merchants. With Cayan in the fold, TSYS will process a total of $138 billion annually from approximately 730,000 merchant locations, the company said.
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