Deluxe has announced the completion of its previously announced acquisition of First American Payment Systems.
In acquiring the First American omni-channel payments platform, Deluxe has become a scaled and specialist provider in the strong secular growth merchant services market.
The deal took place for $960 million in cash, with Deluxe originally announcing the proposed transaction on April 22, 2021.
Barry C. McCarthy, President and CEO of Deluxe, commented: “As the original payments company, this acquisition is a major, strategic, logical and responsible next step in our transformation into a Trusted Payments and Business Technology company.”
By adding First American, the firm revealed it anticipates cross-selling into new verticals, including government, not-for-profit and retail, leveraging the company’s relationship with thousands of financial institutions and millions of small businesses.
“With First American, we expand our ability to help our customers pay, get paid, optimise and grow their businesses. Since our announcement, our teams have come together to identify even more exciting opportunities to bring value to customers,” said Michael Reed, President of Deluxe Payments.
“Our entire team is looking forward to accelerating our growth by leveraging the extensive Deluxe distribution channels and reaching into their deep client base. Our businesses are complementary, and our cultures and values align making our combination natural,” added Neil Randel, CEO of First American and Managing Director of Merchant Services for Deluxe.