Paynt Acquires E-xact Transactions to Accelerate Expansion Across North America

European payment technology company Paynt has acquired Canadian payment processor E-xact Transactions to accelerate its expansion across North America.

The transaction gives Paynt a new operational hub in Vancouver, Canada, that joins its existing regional offices in the U.K., Ireland, the Baltic States and the U.S., the company said in a Wednesday (June 11) press release.

E-xact processes over CAD 3.5 billion (about $2.6 billion) annually across 50 million transactions, serving bank partners, independent software vendors (ISVs) and merchants, according to the release.

Paynt currently processes payments across the European Economic Area and the U.K., per the release. Its point-of-sale (POS) solutions, tipping systems and integrated financial services are used by customers in the hospitality and retail sectors.

“With a new established presence in Connecticut and Vancouver, we’re entering a new chapter in building Paynt’s North American footprint and reinforcing our global leadership in payment solutions,” Paynt founder and Group CEO Sam Kohli said in the release.

To support Paynt’s growth in North America, the company appointed payments industry veteran John Paul Golino to its board of directors, saying Golino will lead the integration of E-xact into Paynt’s platform and oversee the company’s go-to-market efforts in the region, according to the release.

Paynt is also evaluating acquisition targets in the U.S. and plans to finalize another deal by the end of the year, per the release.

Of the E-xact acquisition, Golino said in the release: “This acquisition not only expands our reach but enhances the solutions we bring to merchants and partners across Canada.”

SoftPOS, which allows anyone to use a smartphone or tablet to accept contactless payments, is quickly becoming the preferred choice for merchants of all sizes, Paynt said in a blog post.

This solution eliminates the need for costly and bulky POS terminals, reduces ongoing maintenance costs and enables payment processing anywhere, anytime, the post said.

“This makes SoftPOS the ideal solution for businesses looking to boost sales, cut expenses and enhance customer experience,” the post said.

The PYMNTS Intelligence and Discover Global Network collaboration, “How SoftPOS is Poised to Revolutionize Payments,” found that 71% of merchants expect SoftPOS to replace traditional POS terminals.