Heartland Payment Systems, the fifth largest payment processor in the U.S., announced on Thursday that it has acquired mobile tablet creator Leaf for an undisclosed amount.
According to Heartland, the acquisition demonstrates the company’s commitment to providing a POS platform that simplifies operations for small businesses. Leaf will continue to work with most U.S. payments processors, operating as a separate division of Heartland.
“Leaf and Heartland value serving customers with fair pricing and transparent business practices, making for a real partnership,” Heartland Chairman and CEO Robert O. Carr said. “We’ve made a significant investment in Leaf and we want to continue making sure it has the resources needed to realize its full potential.”
Last year, Heartland invested $20 million in Leaf and has purchased the remaining interest through the acquisition. The Leaf platform includes a tablet for merchants to process payments and cloud-based software to manage and analyze transactions.
“Leaf has accomplished a lot with the purpose-built POS tablet and commitment to empower a merchant’s choice of service provider; Heartland clearly sees the potential in Leaf’s longer-term vision to provide an open marketplace of business services for small and medium enterprises,” Leaf CEO Sarah McCrary said. “What we’re doing is a big undertaking, and with Heartland’s backing and full commitment, we can focus 100 percent on the product while knowing that we’ll have the resources we need.”