Cam Commerce Solutions Inc., a Fountain Valley, Calif., provider of payment processing systems for small and midsize merchants, said Tuesday that it has agreed to sell itself to Great Hill Partners LLC, a Boston private-equity company.

Great Hill would pay $40.50 a share, or about $180 million, a 7.9% premium over Cam's closing price Monday, and would take the payment technology company private.

Cam provides credit and debit card processing systems, inventory management software, point of sale technology, gift cards, loyalty programs, and reporting applications. It targets retailers and online merchants.

Cam said it plans to host a special shareholder meeting "as promptly as possible" to vote on the deal, which is expected to close in the third quarter.

Matt Vetel, a managing partner at Great Hill, said in a press release that it was attracted to Cam's "premier solution that provided both retail management systems and integrated payment processing for credit, debit, and gift cards."

Calls to Cam and Great Hill were not returned Tuesday. Royal Bank of Canada's RBC Capital Markets is acting as Cam's financial adviser on the transaction.

By midafternoon Tuesday shares of Cam had climbed 5.35% from Monday's close, to $39.55. They hit a 52-week high of $45.25 in December.

Subscribe Now

Authoritative analysis and perspective for every segment of the payments industry

14-Day Free Trial

Authoritative analysis and perspective for every segment of the industry