Total System Services Inc. has bought TermNet Merchant Services, an Atlanta merchant acquirer.
TSYS, of Columbus, Ga., said on Monday that it will integrate TermNet into its TSYS Merchant Solutions division, which is the name the company gave to a joint venture with First National Bank of Omaha that it bought out early this year.
"The acquisition of TermNet is the next step in establishing ourselves as a major player in the merchant acquiring industry," Philip Tomlinson, the chairman and chief executive of TSYS, said in a press release.
"With its highly diversified merchant portfolio and strong sales distribution channel, we believe this is a great opportunity to continue to grow the TSYS Merchant Solutions business," he said.
The companies did not disclose the acquisition's price.
TermNet has offices in Atlanta; Dallas; Louisville, Ky.; and Panama City, Fla.
