Quantcast

JetPay to Buy Card Processor CollectorSolutions

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.

JOIN THE DISCUSSION

SEE MORE IN

RELATED TAGS

,
Comments (0)

Be the first to comment on this post using the section below.

Add Your Comments:
Not Registered?
You must be registered to post a comment. Click here to register.
Already registered? Log in here
Please note you must now log in with your email address and password.