North American Bancard Holdings Closes on Total Merchant Services Acquisition
North American Bancard's PayAnywhere technology is one of the company's payment solutions.
Photo Courtesy: North American Bancard
Troy-based North American Bancard Holdings (NAB), a multi-faceted payment solutions provider, today announced the completion of the acquisition of Total Merchant Services (TMS).
TMS, a payment processing solutions provider, is headquartered in Woodland Hills, Calif. The finalization of the merger makes NAB the seventh largest processor in terms of merchant locations in North America, processing nearly $50 billion annually.
“Today's milestone signifies an important step in driving strategic priorities forward for NAB, while providing merchants industry-leading payment solutions,” says Marc Gardner, president and CEO of North American Bancard. “During this transformational time in the payments industry, NAB is solidifying its commitment to helping businesses prosper by delivering innovative payment solutions and outstanding customer service.”
With the addition of TMS’ more than $12 billion in credit and debit card transactions processed annually, NAB will see an immediate increase in its merchant base and revenue in the short term. The merger also gives NAB and TMS the opportunity to expand product offerings, pursue strategy into high-growth channels, and enhance payment capabilities for businesses of all sizes.
“This acquisition enables TMS to accelerate its development of fully integrated and secure payment solutions, continue its commitment to exemplary customer service for merchants and partners, and gain access to NAB’s broad platform of capabilities,” says Ed Freedman, chairman and founder of TMS. “Guided by strategic-thinking and leadership focused on innovation and service, the combined entity is poised for tremendous success in the near future and well beyond.”
During the acquisition process, Credit Suisse Group, a financial services company, served as financial advisors to NAB.