Financial terms of the deal, which closed on Sept. 9, were not disclosed.
Established in 2012, Palo Alto-based talech provides software that enables businesses to manage multiple operational tasks, such as order management, inventory and staff reporting, customer management, business insights and payments processing, in a single, integrated POS system. The company currently serves more than 8,000 restaurants, retailers and professional services companies, boasting $2.3 billion in processing volume, according to a press release.
Derek White, chief digital officer at U.S. Bank, said this latest acquisition is one of several ways that U.S. Bank is boosting its digital expertise in an effort to provide better service to its customers.
“Small businesses are a focal point for us as we transform how U.S. Bank engages with customers and how our customers interact with their money, making it easy for them to make decisions at the moment they come into contact with our technology,” White said. “We have an ambitious roadmap to deliver one amazing experience for our customers. Strategic acquisitions are one of the ways we are moving with speed and scale. Acquiring talech makes a lot of sense for a number of reasons, not the least of which is we share a vision for helping businesses simplify their operations and make better decisions through an integrated point-of-sale system.”
“U.S. Bank and talech have a shared vision with complementary capabilities for helping business owners make better data driven decisions through software tools,” added Irv Henderson, founder and CEO of talech. “We have enjoyed a long and productive relationship with U.S. Bank, and we are excited to be part of the team.”
As part of the deal, talech will join the bank’s newly formed digital team, which is led by White.