Payment processor Pineapple Payments has acquired fellow transaction gateway solution Transax for an undisclosed amount.
Following the deal, Transax will continue operations through its office in Illinois, and Pineapple will further its expansion efforts from its headquarters in Pittsburgh. This deal marks Pineapple fifth acquisition this year.
Pineapple currently serves over 13,000 merchants and processes $3bn in annual volume. Through the acquisition, the company is hoping to become a a major player as one of the premier payment gateways within a matter of months.
Pennsylvania-based Pineapple Payments offers an omni-channel payment acceptance tool for all types and sizes of retailers. The company, which targets B2B, B2G, and Integrated Software Vendors, gives clients access to physical and virtual payments, including its mobile sweeper.
The platform, which is integrated with systems including Oracle, SAP, WooCommerce, among others, offers users real-time transaction reporting, and point-to-point protection on payments. Pineapple pricing is in three different types, a flat rate, revenue share or an interchange + pricing.
Transax is a POS payment gateway developer, which provides both transaction terminals and payment APIs to integrate with existing software. The company offers mobile, countertop and portable card machines which can accept both debit card, credit card, mobile and contactless payments.
Pineapple Payments CEO Brian Shanahan said, ?Transax has a 10-year track record as an omni-processing payment gateway connecting merchants of every size to the top payment processors in the world like Worldpay and TSYS.
?When you add in its suite of products tailored for SMBs and software developers to enable payments and the platform ability to be customized for and tailored to each individual partner or business, the conversation about where we are going to take Pineapple drastically changes. We now have the complete set of tools to compete with everyone and anyone in our industry and we plan to do just that.p>
Over the past 10 months the company also completed two investments, closing its Series A round on $40m, late last year. Providence Strategic Growth led the investment which was raised to support the company acquisitions.
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