JetPay, a payments processor and provider of card services, has agreed to buy CollectorSolutions, also a payments processor.
JetPay, in Berwyn, Pa., did not disclose financial terms. JetPay will fund the acquisition by issuing new shares of common stock, according to a Wednesday news release. JetPay will also assume debt from CollectorSolutions. The deal is expected to be immediately accretive to JetPay's earnings. JetPay expects to close the purchase in the second quarter.
CollectorSolutions, in Pensacola, Fla., will provide about $700 million in yearly credit and debit card processing volume, JetPay said. CollectorSolutions also has about $4.5 billion of yearly e-check processing volume.
After the deal closes, JetPay will have a total of about 15,300 merchants nationwide.