Total System Services Inc., or TSYS, is continuing to expand its presence in the merchant-acquiring industry with the purchase of TermNet Merchant Services Inc.
TSYS plans to rebrand TermNet with the TSYS name and integrate it with Omaha, Neb.-based TSYS Merchant Solutions, TSYS said in a May 2 press release. TSYS Merchant Solutions formed earlier this year when TSYS acquired First National Bank of Omaha’s 49% share in First National Merchant Solutions LLC; TSYS owned the other 51% of the joint venture (
Atlanta-based TermNet was established 25 years ago and serves more than 327,000 merchant locations across the nation, according to the release.
Citing TermNet’s “highly diversified merchant portfolio and strong sales-distribution channel,” Philip W. Tomlinson, TSYS chairman and CEO, said in the release that the acquisition “is the next step in establishing ourselves as a major player in the merchant-acquiring industry.”
The companies have worked together for some time, David Stanford, TermNet president and CEO, said in the release. “Culturally, our two companies are a great match, and we feel that this is the next logical step in our relationship,” Stanford added.
TermNet operates offices in Atlanta; Dallas; Louisville, Ky.; and Panama City, Fla. Terms of the deal were not disclosed.
