TermNet is already on the TSYS acquiring platform, which will be supportive of the portfolio conversion. At the end of 2010, TermNet had processed nearly $3 billion in total payment card volume for the year across more than 18,500 merchant outlets, according to The Nilson Report.
TermNet has a 25-year history in the merchant acquiring industry, and is ranked as the 52nd-largest merchant acquirer in the U.S. by dollar volume according to The Nilson Report*. TSYS Merchant Solutions will now serve more than 327,000 merchant locations across the United States.
“The acquisition of TermNet is the next step in establishing ourselves as a major player in the merchant acquiring industry,” said Philip W. Tomlinson, chairman of the board and chief executive officer of TSYS. “With its highly diversified merchant portfolio and strong sales distribution channel, we believe this is a great opportunity to continue to grow the TSYS Merchant Solutions business.”
“We have always had a strong partnership with TSYS,” said David Stanford, president and chief executive officer of TermNet. “Culturally, our two companies are a great match, and we feel that this is the next logical step in our relationship.”
TermNet has offices in Atlanta, Georgia; Dallas, Texas; Louisville, Kentucky; and Panama City, Florida. Terms of the deal are not being disclosed.
*The Nilson Report, March 2011