Vantiv to Acquire Moneris USA for $425 Million
Vantiv, one of the largest payment processors in the U.S., will expand their merchant client-base with the acquisition of Moneris USA for $425 million from Moneris Solutions Corporation. This major acquisition comes just over four years after Vantiv acquired Litle & Co. for $361 million.
Working with over 800,000 merchants and 1,400 financial institutions Vantiv is currently the second largest payment processor in the U.S., and seeks to grow further with the acquisition of Moneris Solutions, Inc., the U.S. subsidiary of Moneris Solutions Corporation, a joint venture between BMO Financial Group and Royal Bank Canada.
Vantiv is known for working with many eCommerce and multi-channel merchants, especially after the October 2012 acquisition of Litle. Charles Drucker, Vantiv CEO, said the Moneris USA acquisition “will further accelerate Vantiv’s growth in key high-growth channels.” Moneris USA processed about $12 billion in U.S. transaction volume last year, and Vantiv will immediately takeover processing for those clients once the acquisition closes. Moneris USA additionally has business relationships with BMO Harris Bank and other financial institutions, which Vantiv looks to benefit from as well.
Angela Brown, CEO of Moneris, described how this “acquisition will enable Moneris USA to continue its successful path,” by “leveraging Vantiv’s scales and omnichannel payment capabilities.” The acquisition is expected to close by the end of 2016 as an all cash transaction.
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