News

First American buys public-sector payments provider

November 1, 2005

FORT WORTH, Texas - First American Payment Systems LP, a merchant processing acquirer, has acquired Arlington, Va.-based Govolution Inc. for an undisclosed amount, according to a news release.

Govolution is a leading provider of electronic payment technology and services to the public sector. The company enables federal, state and local governments and their depository financial institutions to electronically process consumer credit, debit and ACH payments. The acquisition gives First American a distribution channel into the consumer-to-government electronic payments market.

"We believe that Govolution has the most robust technology available in the government e-payment sector," said Neil L. Randel, president and chief executive officer of First American. "Utilizing Govolution's outstanding management team, we plan to aggressively market and expand into this rapidly growing market."