Stax Payments expands tech stack with APPS acquisition
US fintech Stax Payments is set to acquire Las Vegas-based payment solutions provider Atlantic-Pacific Processing Systems (APPS) as it looks to expand its payment processing platform with new technology to create an “end-to-end” experience for users.
Stax Payments to acquire APPS
Founded in 2014 and based in Florida, Stax Payments provides an API-connected payments platform to merchants and Software-as-a-Service (SaaS) businesses in North America, combining payments processing services with data analysis and customer management capabilities.
It says that the technology acquired from APPS, which is to be rebranded as Stax Processing post-acquisition, will serve as a “foundational processing layer” for its platform while bringing “an enhanced multi-channel offering, improved data reporting, and additional customisation capabilities” to the table.
This new functionality is touted to debut during Q4 2023, with the integration of the tech and “additional planned developments” set to be completed throughout the next year.
Paulette Rowe, CEO of Stax Payments since August 2023, claims that the acquisition has “heightened our innovation capabilities and technology position” and will enable the company to create “a bespoke payment experience” through a single platform with broadened applicability.
As part of the deal, the terms of which have not been disclosed, around 50 APPS team members will join Stax Payments. APPS’ current CEO, Abe Maghaguian, is to transition to the role of chief payments officer at Stax, while Sarah Gerald, APPS’ current COO, is to join Maghaguian as COO of processing.
