Leading US payment processing services company Global Payments Inc yesterday said that it will acquire Accelerated Payment Technologies (APT) for $413 million in cash.
Global Payments, a Fortune 1000 company, is buying APT from Boston-based private equity firm Great Hill Partners.
Based in Utah, APT processes about $8 billion a year in card transactions for about 30,000 small and medium-sized merchants in industries like dentistry, medicine, pharmacy, specialty retail, automotive and veterinary markets.
APT, formerly the payments processing division of CAM Commerce Solutions, Inc., markets and services its own middleware, card present gateway and security payment technologies.
APT serves 30,000 US businesses and processes billions in transaction volume annually through its comprehensive payment applications X-Charge, X-Web and XpressLink.
Matthew Vettel, managing partner at Great Hill Partners, said, "The APT team has successfully positioned themselves as a leading provider of integrated payments with a rapidly expanding network of software partners. Global Payments has been a key strategic partner for APT, and we expect the combined businesses will continue to thrive."