Global Payments Inc., an Atlanta-based credit card and debit card processor, said it will acquire payment-technology provider PayPros for $420 million in cash.
PayPros, a Silicon Valley company based in Newark, Calif., serves mainly small- to medium-size merchants with software applications that help them streamline processes to take advantage of different payment systems.
Global Payments President and Chief Executive Officer Jeffrey Sloan said the addition of PayPros’ business will help the Atlanta company grow in markets served by its Accelerated Payment Technologies Inc. unit.
Global Payments provides electronic payment transaction processing for consumers, merchants, financial institutions and government agencies. Earlier this month, the company reported a nearly 15 percent year-over-year increase in diluted earnings per share for the second quarter and a nearly 8 percent increase in revenue during the same period.
At the time, Sloan, who was named to the additional role of CEO last October, succeeding Paul Garcia, said the company was making substantial progress on growth initiatives.
The company expects full-year fiscal 2014 per-share earnings growth of between $3.45 and $3.52, and revenue in the range of $2.51 billion to $2.56 billion, a 6 to 8 percent increase, the company said.
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