Payment processing giant Fiserv announced last week that it has signed an agreement to acquire Pineapple Payments from growth equity firm PSG.
Pineapple Payments provides payment processing solutions to integrated software vendors (ISVs) and small and medium-sized businesses. It serves more than 25,000 merchants, Fiserv said in a press release.
According to PSG’s own announcement about the agreement, Pineapple will join Fiserv’s Global Business Solutions division as part of its Partner Solutions business unit.
“With Pineapple Payments already operating as a key distribution partner of Fiserv, we expect to accelerate the delivery of new and innovative capabilities to a host of new merchant clients,” Frank Bisignano, president and CEO of Fiserv, said.
“Together, we will provide omni-channel payments technology and services to enable merchants to maximize the potential of electronic payment processing. We look forward to welcoming Pineapple Payments to the Fiserv family and continuing to provide the best-in-class solutions and service that merchants and their customers expect.”
The processor expects to expand the reach of solutions including its CoPilot partner program and its Clover POS systems for small businesses.
“Pineapple Payments’ mission is to add value to the payments experience through simple, secure and scalable solutions. Based on our existing relationship, we believe Fiserv is the ideal partner to take that mission to the next level and beyond,” Brian Shanahan, CEO of Pineapple Payments, said.
PSG invested in Pineapple Payments in 2017. Subsequently, Pineapple Payments has made seven acquisitions of its own.
The transaction is expected to close during the second quarter of this year.