First Data Corp. Acquires Card Connect

Posted On: 6/1/2017

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TAGS: First Data, Card Connect Corp. payment processing technology, PCI-certified point-to-point encryption, P2PE, CardPointe

NEW YORK CITY -- First Data Corp. said it will acquire all outstanding shares of common stock of Card Connect Corp. for $15 per share in cash.

Card Connect, based in King of Prussia, PA, provides payment processing technology and is among First Data's largest distribution partners. It processes about $26 billion annually from some 67,000 merchant customers served by Card Connect's own distribution partners.

New York City-based First Data is a global leader in commerce-enabling technology, serving approximately six million business locations and 4,000 financial institutions in more than 100 countries.

Since its inception in 2006, Card Connect has developed advanced payment solutions backed by PCI-certified point-to-point encryption (P2PE) and tokenization. The company's platform for small to midsize businesses is CardPointe, which includes a reporting and transaction management portal that extends to a native mobile app.