The global payment processing and merchant acquirer organization Payroc WorldAccess announced on Friday (April 2) that it has acquired Retriever Merchant Solutions, one of the largest independent sales organizations of FIS.
The deal allows Payroc to expand its yearly payment volume to more than $33 billion, enabling it to serve more than 100,000 merchants in upwards of 40 countries, according to a press release emailed to PYMNTS.
The two companies will launch their partnership by honing in on a few different strategic areas, including common sense underwriting and risk management, global device connectivity, modern APIs and Payroc’s Consumer Choice program.
The digitization and modernization of a company can benefit greatly from collaboration and consolidation, Payroc CFO Kevin Hodges recently told PYMNTS.
The current incarnation of Payroc was formed in 2019 out of a multi-company merger between Payroc, Payscape, NXGEN and BluePay. While the original plan was one of digitization and integration, the project was accelerated when the COVID-19 pandemic began.
Based in Indiana, Retriever employs 60 workers and services 30,000 merchants in a variety of verticals, including retail, restaurant, wholesale and jewelry, representing a yearly payment volume of roughly $5 billion.
“We built a top-notch sales distribution platform, but to stay competitive, we needed the right processing partner to take our technology and product offerings to the next level,” said Brian Kamstra, Retriever’s founder and president. “We found that, and more, at Payroc.” Kamstra, who founded the company in 1994, will retain his role as president.
The acquisition news comes one day after Payroc announced the promotion of Adam Oberman, chief revenue officer and one of the company’s founders, to president. Payroc also recently announced a new engineering and innovation hub in the U.K., which will create 75 new jobs.
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