TSYS finalizes acquisition of Cayan
TSYS has completed its acquisition of Cayan, a payment technology company focused on integrated payment products and merchant acquiring. The deal, announced Dec. 18, closed in an all-cash transaction valued at approximately $1.05 billion, according to a press release.
Cayan and TSYS will combine their existing merchant businesses under the TSYS brand, the release said. Cayan co-founder and CEO Henry Helgeson will serve as president of Cayan, reporting to Philip McHugh, TSYS senior executive vice president and president of merchant solutions.
"This strategic acquisition builds on our very strong foundation in the acquiring space and will support our goal to become a leading payments solutions provider to small and medium size businesses in the U.S.," said Troy Woods, TSYS chairman, president and CEO. "The addition of Cayan creates great synergies to identify best-in-class opportunities that will drive revenue. Together, we will continue focusing on developing products, technologies and services that merchants we serve want and need to continue to grow."