M&A News: Heartland Acquires XPIENT Solutions; JetPay Buys ACI Merchant Systems (Nov. 10, 2014)
In the past few days, payments processor Heartland Payment Systems has acquired XPIENT Solutions, a food-service industry POS software provider; and JetPay Corp., a provider of prepaid card services, debit and credit card processing and payroll services, acquired ACI Merchant Systems LLC, a debit and credit card processing company.
Charlotte, N.C.-based XPIENT provides services to 11 of the top 25 quick service restaurant brands, including Taco Bell, Jack in the Box, Panera Bread and Panda Express. The XPIENT acquisition will enable Heartland clients, including restaurants of all sizes to manage kitchen throughput even during the busiest times, whether generated at the drive-thru, front counter or through mobile applications. The customizable XPIENT solutions help streamline front-of-house operations, onsite and mobile orders and mobile payments functionality, , according to Princeton, N.J.-based Heartland. The XPIENT leadership team will remain intact. Additional terms of the deal were not disclosed.
With Berwyn, Pa.-based JetPay Corp.’s acquisition of Langhorne, Pa.-based ACI Merchant Systems LLC, the combined company will process approximately $20 billion in payments for approximately 14,000 businesses throughout the U.S., according to an announcement. The acquisition will be funded by a combination of a credit facility from Metro Bank of Harrisburg, Pa., the sale of Series A preferred stock to Flexpoint Ford under an existing commitment, and the issuance of shares of JetPay common stock. ACI was founded in 2004 by Michael Collester. “We are delighted that he will be staying with us as a member of our executive team and heading our financial institution sales and support efforts going forward,” a JetPay spokesperson tells Paybefore.
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