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Merchant-service provider Pivotal Payments Corp. has acquired Tangarine Payment Solutions Corp., an Ontario-based merchant-service provider, for $18 million, the companies announced late last month. Under the agreement, Tangarine will become a wholly owned subsidiary of Pivotal Payments and will continue to operate under the Tangarine name, according to Melville, N.Y.-based Pivotal Payments. The addition of Tangarine's 8,500 merchants brings the number of Canadian merchants Pivotal Payments is servicing to 25,000. Pivotal Payments' Canadian merchant base currently processes transactions valued at $2.5 billion annuallly, according to Pivotal Payments, which plans to add an additional 45 independent sales agents in Canada to expand its sales network. "We are confident that we delivered value for our shareholders while assuring the long-term growth and success of Tangarine's employees and sales agents" by entering into the agreement with Pivotal Payments, says Keith Turner, Tangarine CEO.
