This acquisition enhances Payroc’s offerings in the Canadian market by adding Sterling’s card-present solution to its existing enterprise card-not-present and ACH/PAD capabilities, the companies said in a Tuesday (Feb. 6) press release.
“We are thrilled to welcome Sterling into the Payroc story,” Marcus Dagenais, president of Payroc Canada, said in the release. “This acquisition marks a key strategic milestone for our business in Canada — one we have been evaluating and pursuing for a number of years now.”
Sterling has a 25-year history of providing payment solutions for retail, B2B and eCommerce platforms, according to the release. The company serves restaurants, retail, health and beauty, specialty grocers, medical and other industries.
The current CEO of Sterling, Janice Conry, will join the Payroc team in Canada and focus on expanding the sales channels of both Sterling and other Payroc offerings, according to the release. In addition, 11 members of the Sterling team will join Payroc.
Payroc processes more than $80 billion in annual transaction volume in more than 45 markets, for 150,000 merchants, per the release.
“This strategic move positions Payroc uniquely with an exceptional card-present offering in Canada, providing a substantial competitive advantage over most other ISO/Agents,” Payroc CEO Jim Oberman said in the release. “We are confident that this strategic acquisition will further propel Payroc’s growth and success in the dynamic payments landscape.”
In an earlier acquisition, Payroc said in May 2023 that it had complemented its growth strategy with a subsidiary’s purchase of Atlantic Merchant Services, a provider of merchant processing solutions for businesses and organizations in the mid-Atlantic region.
About a year earlier, in April 2022, Payroc acquired payments platform provider Worldnet, saying incorporating that company’s technology into its platform gives Payroc a stronger hold in the independent software vendor (ISV) and embedded payments sector.
In July 2022, Payroc Executive Vice President of M&A Nick Oberman told PYMNTS that the company had a “full speed ahead” mindset and had no intention of backing off its mergers and acquisitions (M&A) crusade.
“What’s driving each and every one of our acquisitions has been carefully identifying that sales distribution that would quickly benefit from Payroc’s technology and product, putting those sales channels in a stronger and more competitive position,” Oberman said at the time.