Fiserv acquires US processor Pineapple Payments
Fiserv is set to acquire Pennsylvania-based Pineapple Payments and expand its reach in the US merchant payments market.
Fiserv is using the deal to extend the reach of its Clover platform
Pineapple Payments provides processing and proprietary technology for integrated software vendors (ISVs) and small and medium-sized enterprises (SMEs).
The Pittsburgh-based company has a customer base of around 25,000 individual merchants.
Fiserv says it will continue to provide processing services to all Pineapple customers. It says it will enhance the firm’s “seamless delivery of customer-focused innovative solutions”.
It adds that the deal extends the reach of its point-of-sale Clover and Clover Connect systems.
“We expect to accelerate the delivery of new and innovative capabilities to a host of new merchant clients,” says Frank Bisignano, president and chief executive at Fiserv.
“Together, we will provide omni-channel payments technology and services to enable merchants to maximise the potential of electronic payment processing.
“We look forward to welcoming Pineapple Payments to the Fiserv family and continuing to provide best-in-class solutions.”
The transaction is subject to customary approvals and closing conditions. It is expected to close by the end of Q2 2021. Neither party has disclosed financial details.
“Based on our existing relationship, we believe Fiserv is the ideal partner to take that mission to the next level and beyond,” says Pineapple CEO Brian Shanahan.
“With the scale and expertise of Fiserv, we will make commerce even easier and more accessible in a variety of different segments.”
Pineapple Payments is Fiserv’s second payments acquisition in six months. In December it confirmed the buyup of Ondot Systems.
Ondot’s flagship offering is a digital card services platform to drive cardholder engagement. It claims more than 4,500 banks and credit unions in the US as clients.
