Merchant processor Global Payments Inc. expects to grow its direct presence in the health care market by agreeing to acquire Accelerated Payment Technologies.
Accelerated Payment, of Pleasant Grove, Utah, provides payment services to small and midsize merchants, handling approximately $8 billion in annual card volume, according to an Aug. 15 news release.
Pending regulatory approvals and customary closing conditions, Global Payments will pay $413 million in cash to acquire the company from Great Hill Partners.
A Global Payments spokeswoman says the company is declining interviews to discuss the pending deal and won't provide further details until the acquisition closes. The processor expects to close the deal during its fiscal second quarter, which ends Nov. 30.
In the release, Paul R. Garcia, Global Payments' chairman and CEO, cited the company's longstanding relationship with Accelerated Payment. Global Payments processes most of the company's transactions under an existing independent sales organization relationship, so the processor does not expect revenue to materially change.
Accelerated Payment "serves merchants from attractive growth verticals such as the dental, medical, pharmacy, specialty retail, automotive and veterinary markets," Garcia said. "We look forward to having their talented management team join Global Payments."
Accelerated Payment markets its products and services primarily through a network of 700 value-added resellers covering 30 different vertical markets.