TSYS Announces Agreement to Acquire Cayan
Acquisition Accelerates TSYS’ Position as a Leading Technology Payments Provider to Small and Medium Size Businesses in the U.S.
Columbus-based TSYS will buy CAYAN payment technology ‘ for just more than a billion dollars.
Cayan provides tech to more than 70-thousand merchants in the U.S.
TYSYS CEO Troy Woods said, the acquisition will help TSYS better serve “small and medium size businesses.”
The cash transaction is expected to close in the first quarter of 20-18.
CEO Troy Woods says,“The acquisition of Cayan strategically complements our merchant goals to become a leading payment solutions provider to small and medium size businesses in the U.S. by delivering ‘best in class’ services and solutions.” said M. Troy Woods, Chairman, President and Chief Executive Officer, TSYS. “TSYS already has tremendous scale and distribution capabilities. The addition of Cayan’s unified commerce solutions puts us in a strong competitive position to jointly offer a broader set of value-add products and services to our partners and merchants.”
The Board of Directors of TSYS has approved the transaction, which is expected to close in Q1 2018, subject to regulatory approvals and other customary closing conditions.
BofA Merrill Lynch and Greenhill & Co., LLC are acting as financial advisors and Alston & Bird LLP is acting as legal advisor to TSYS. Financial Technology Partners LP is acting as financial advisor and Kirkland & Ellis LLP is acting as legal advisor to Cayan.