Heartland Payment Systems announced last week that it has entered into an agreement to acquire TouchNet Information Systems, an integrated commerce solutions provider for universities and colleges, for $375 million.
Heartland Chairman and CEO Robert Carr said the acquisition is the payment company’s largest to-date, adding that it will complement its existing Campus Solutions business, according to a company press release.
“TouchNet will enable us to offer the higher education market an end-to-end integrated commerce and payments solution that is unmatched in the industry,” Carr said. “We look forward to closing this transaction in the near term to begin capitalizing on the growth opportunities certain to arise as a result of our industry-leading position.”
The acquisition will add 600 higher education clients serving more than six million students to the processor’s Campus Solutions business, making Heartland the largest provider of integrated commerce solutions for the higher-education market.
“This is great news for our many loyal clients, employees and partners,” TouchNet President Daniel Toughey said. “Heartland is a highly-respected, people-oriented company with a strong vision for the future of electronic payments. For 25 years, we have been carefully building a technology success story and joining forces with the Heartland team will allow us to expand our growth opportunities, which benefits the community in Kansas City, where TouchNet’s existing 180 employees will remain.”
The deal is expected to close by the end of the third quarter.