Elavon expanding merchant payment line with ETS acquisition
Elavon, the merchant payment processing provider, has acquired Virginia-based fintech Electronic Transaction Systems (ETS).
The acquisition will allow Elavon to integrate payment processing into ETS’ software, and to provide businesses access to Elavon’s services.
Elavon is a subsidiary of Minneapolis-based US Bancorp, who also runs US Bank. This acquisition is part of its efforts to integrate software packages in its payments offers to help business owners to run their businesses.
“ETS has an innovative approach to merchant payments that fits well within Elavon’s strategy to provide businesses the ability to safely and quickly integrate into our system,” says Jamie Walker, CEO of Elavon.
ETS has worked with US Bank for 20 years, which makes this a natural move to extend their collaboration.
“The acquisition of ETS is part of our investment aimed at enhancing Elavon’s e-commerce offering and integrating Elavon’s payments capabilities into software its customers already use,” says Terrance Dolan, vice-chairman and CFO of U.S. Bank.
Financial terms of the deal were not disclosed. Elavon has not discussed whether ETS will go through any type of restructuring as a result of the acquisition.
Just very recently, there have been rumours of US Bank looking to offload its card processor business Elan, with Finastra, FIS and Fiserv believed to be in the final bid.
