Shift4 buys UK paytech Card Industry Professionals
US-based payment processing firm Shift4 has acquired UK paytech Card Industry Professionals (CIP).
Shift4 buys UK-based CIP
Founded by managing director Ciaran Savage in 2017, CIP provides point of sale (POS) and online payment solutions for small and medium-sized enterprises (SMEs).
With a team of 20 employees based in Grimsby, the start-up claims to process over £60 million worth of transactions every month.
The deal for Shift4 to purchase CIP provides an exit for Mercia Ventures, which has backed the start-up since 2022 through the Northern Powerhouse Investment Fund (NPIF) and the Midlands Engine Investment Fund (MEIF).
While the exact financial details of the deal have not been disclosed, Mercia Ventures says it has achieved a “2x return on investment”.
Savage says the acquisition by Shift4, listed on the New York Stock Exchange since 2020, will enable the start-up to improve its service levels while “offering even more value in the form of new benefits, incentives and product offerings”.
Savage has now joined Shift4 as vice president of SMB, according to his LinkedIn profile, with a focus on “bringing Shift4 payment processing and SkyTab POS and product suite to the SMB market”.
The transaction adds to Shift4’s growing list of acquisitions this year, following its $250 million deal to buy Revel Systems in May, its purchase of POS solutions provider Vectron Systems in June, and most recently, its acquisition of Canadian fintech Givex in August.
