NCR is expanding further into payments. The U.S.-based firm said Monday (Oct. 22) that it will buy Pennsylvania-based JetPay, “a provider of end-to-end payment processing and human capital management solutions,” according to a statement.
NCR said it has a “definitive agreement” to buy JetPay for a purchase price of about $184 million, partly financed by cash. The deal is expected to close by the end of the year, NCR said.
According to the statement, “the acquisition will enable NCR to integrate a cloud-based payments platform into its enterprise point-of-sale solutions for retail and hospitality industries. It also accelerates NCR’s strategy of increasing recurring revenue growth and expanding margins by enhancing its mix of software and services.”
JetPay’s services include card acceptance, processing, payroll, payroll tax filing, human capital management services and other financial transactions. The company said it provides a single vendor solution for payment services, debit and credit card processing, ACH services, and payroll and human capital management needs. A PYMNTS article described how Credibly partnered with JetPay to give JetPay’s distribution network streamlined access to Credibly’s lending platform, providing more capital for their U.S.-based small business clients.
NCR, meanwhile, enables 760 million transactions daily across financial, retail, hospitality, travel, telecom and technology industries.
“The acquisition of JetPay is a key, strategic initiative that will enable NCR to create a full, end-to-end integrated payments offering for its enterprise-wide POS customers,” said NCR President and CEO Michael D. Hayford. “Enabling payments as part of our transactions is part of our long-term strategy to create integrated value for our clients.”