Vantiv has completed its acquisition of Mercury Payment Systems.
Vantiv purchased Mercury for approximately $1.65 billion in cash. Mercury CEO Matt Taylor and the Mercury management team will remain with the company, which will continue to operate out of locations in Durango and Denver, Colo., Vantiv said in a June 13 press release.
Mercury provides integrated payments applications that handle over $30 billion in commercial transactions annually. "Bringing together the strengths of our respective companies will dramatically enhance our distribution and technology capabilities to serve a number of large and growing industry verticals," says Charles Drucker, CEO of Cincinnati-based Vantiv, in the release.
This acquisition, along with Vantiv's earlier purchase of Element Payment Services, contribute to Vantiv's goal of expanding cloud-based payments integrated into other technology.