A lot has happened in the past 12 hours, but if you haven’t been paying attention, it’s an exciting day for the CardConnect team. Why? CardConnect has just exchanged vows with First Data, entering into a definitive agreement to be acquired by First Data.
First Data is one of the largest processors in the world and has been our most significant partner from day one, when we were still calling ourselves Financial Transaction Services (FTS). After more than a decade later, our companies have agreed to combine. They’ve had their eye on us after becoming particularly impressed by our rapidly evolving tech portfolio, including our merchant portal CardPointe, our partner portal CoPilot, our enterprise security platform CardSecure and our integration solution Bolt P2PE. In fact, these solutions will now be adopted by First Data. We’re pretty proud of that.
What makes us happy about this next chapter from the perspective of our partners and merchants, is that it will be all business as usual. The management team, structure and staff will remain the same. If anything’s changing around here, it will be the rate of our tech development, which is great news for everyone. With First Data’s backing, that portfolio we mentioned will have the opportunity to reach the potential we’ve been dreaming of.
“We are thrilled with the opportunity for CardConnect to partner with an organization that has the world class capabilities of First Data,” said CardConnect President and CEO, Jeff Shanahan. “This transaction improves our ability to innovate and deliver leading technology-oriented commerce solutions to our combined customer base. In addition, we believe our growth trajectory improves with First Data's breadth of products and its powerful distribution network.”
This is a huge step for CardConnect and its partners and merchants. We couldn’t be happier about the change. We’re grateful to our loyal partners and merchants because without you, we wouldn’t be here. So, thank you.
We understand you might have some questions. If you do, don’t forget, you can always reach out to us by visiting our Contact Page.
The completion of the transaction is subject to customary conditions to closing.
For more details on the acquisition, you can read the official press release here.