Vantiv has agreed to acquire Paymetric, an Atlanta-based company that automates business payments processing.
The deal is expected to close in the second quarter and will give the Cincinnati-based Vantiv access to technology that automates payment flows in enterprise technology from SAP, Oracle, Hybris, Salesforce and other companies. Paymetric also tokenizes data in these systems to secure transaction history and databases.
Vantiv is trying to capture a share of expanding card payment market for B-to-B payments, either online or offline. The Federal Reserve Bank of Philadelphia estimates card payments are the fastest growing segment of the $30 trillion B-to-B market, though 70% of companies do not have the back office capabilities to efficiently process card transactions, according to AFP.
"Acquiring Paymetric builds upon our strategy to expand into high-growth channels and verticals," said Charles Drucker, president and chief executive officer of Vantiv, in a release. "Paymetric's deep system integration and workflow automation expertise will enhance our already-leading e-commerce technology capabilities."