First Data's tech transformation gets a boost from completed CardConnect deal
First Data has completed its $750 million acquisition of CardConnect, an acquisition that will both add scale and expedite several programs underway to diversify First Data's payments technology.
CardConnect will add partner management tools, speed up First Data's independent software vendor initiative and ease the integration of First Data's technology with payment systems that are linked to enterprise resource planning programs, according to First Data.
Jeff Shanahan, CardConnect's CEO, will continue to lead CardConnect operations and will serve as an Executive Vice President and member of First Data's management committee, reporting to First Data Chairman and CEO Frank Bisignano.
First Data hopes the deal will help it build its own and third-party systems for payment processing, gift cards, check acceptance, debit, e-commerce, marketing, CRM, security and hardware.
The company has also recently partnered with Silicon Valley Bank to locate early stage payments technology, FleetCor to boost digital gifting, and acquired Acculynk to bolster e-commerce.