Transaction Processing Inc., the star-up company headed by former banker Bipin C. Shah, has acquired TransNet Inc., a Florida-based credit card and point-of-sale processor.
Terms of the deal were not disclosed.
TransNet, a privately held company, is Mr. Shah's first acquisition since June, when he left Mellon Bank. At that time he formed Transaction Processing to acquire, consolidate, and run automated teller machine and point-of-sale networks.
Mr. Shah's company is expected to compete with organizations such as Electronic Payment Services Inc., the joint venture of Banc One Corp., CoreStates Financial Corp., and two other super-regional banks.
TransNet will continue to be based in Tampa and to be headed by its current president and chief executive officer, Robert C. Bauscher. He will report to Mr. Shah.
TransNet specializes in capturing and transmitting electronic credit card drafts and in processing point-of-sale transactions. The company supports over 55,000 terminals nationwide and processes more than 190 million credit and debit transactions annually, according to Transaction Processing officials.