Deluxe has agreed to acquire FinTech firm Celero Commerce for $625m, in a deal that will significantly accelerate its strategic shift away from legacy revenue streams.
The transaction, which remains subject to closing conditions, will see Deluxe pay $625m plus certain seller transaction expenses and other adjustments to take ownership of Celero, a payment processing specialist serving small to mid-sized businesses and strategic partners. Celero reported revenues in excess of $200m in 2025, alongside a 28% adjusted EBITDA margin and 90% unlevered free cash flow conversion.
The acquisition is expected to substantially alter Deluxe’s revenue composition. Once the deal closes, the combined payments and data divisions are projected to represent 57% of 2026 revenues on a proforma basis, compared with just 31% in 2020. The two businesses together processed roughly $70bn in combined gross transaction volume during 2025, a scale that would position the merged entity among the ten largest non-bank merchant acquirers in the United States, according to Nilson reporting.
Financially, the transaction is expected to be accretive to adjusted earnings per share within the first year after closing. Deluxe anticipates more than $15m in cost synergies to be fully realised over the 24 months following completion, as well as potential additional upside from revenue synergies. Upon closing, the combined group’s net leverage ratio is expected to sit at approximately 3.9x, with Deluxe targeting a reduction to below 3.0x within 24 months thereafter.
Celero offers an all-in-one suite of omnichannel payment solutions paired with localised customer support, catering to small and medium-sized businesses and a network of strategic partners. The company works with an active base of around 375 partners and added approximately 60 new partners in 2025 alone, bringing an experienced sales team and established channel relationships to the combination.
The deal is expected to modernise Deluxe’s payments technology infrastructure and extend its reach across financial institutions, independent software vendors and independent sales organisation channels. The combined business will benefit from Deluxe’s proprietary processing platform integrating with Celero’s technology stack, with the aim of delivering a broader proposition for small and medium-sized merchants.
Deluxe president and CEO Barry McCarthy said, “Adding Celero immediately accelerates our transformation and shifts our revenue mix decisively towards our growing Payments and Data segments. Celero has loyal customers, partners, and employees, as well as strong financials and corporate culture, all of which are a natural fit with Deluxe. Combined, the two companies will broaden our distribution reach and deepen our presence across key verticals including financial institutions, independent software vendors, and independent sales organization partner channels. At Deluxe, we have a proprietary, fully-scaled processing platform that will compliment and seamlessly integrate with Celero and their technology to deliver a compelling value proposition for customers.”
Celero Commerce founder and CEO Kevin Jones said, “This is an exciting next chapter for Celero, our employees, partners, and customers. At Celero, we’ve always focused on helping businesses thrive through innovative technology, exceptional service, and strong strategic partnerships. Deluxe shares those values, and this combination allows us to accelerate that mission faster than we could have independently. By bringing together Deluxe’s scale, resources, and payments capabilities with Celero’s technology, channel expertise, and customer-first culture, we believe we’re creating an even stronger platform for our customers and partners while opening new opportunities for growth.”
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