Columbus-based payment technology company TSYS this week signed an agreement to acquire a Utah-based company that provides mobile payment systems to merchants and individual entrepreneurs.
TSYS Chairman and CEO Philip Tomlinson said in a news release the acquisition of ProPay will allow the company “to capitalize on the explosive growth of mobile (payments) and more effectively compete in the small and micro-merchant segment.”
ProPay has among its products a mobile payment reader that connects to tablets and smartphones.
The deal is expected to close later this year, and ProPay will operate as a TSYS subsidiary. Terms of the deal were not disclosed.
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