Wednesday, July 12, 2017
NAB completes TMS acquisition
On July 11, 2017, North American Bancard Holdings LLC completed acquisition of Total Merchant Services, making it the seventh largest North American payment processor in terms of merchant locations, with annual processing volume of nearly $50 billion. The combined entities plan to expand product offerings and pursue high-growth channels. TMS will retain its corporate brand and facilities for the foreseeable future.
According to NAB Chief Executive Officer Marc Gardner, the acquisition signifies an important step in driving strategic priorities forward for NAB. "During this transformational time in the payments industry, NAB is solidifying its commitment to helping businesses prosper by delivering innovative payment solutions and outstanding customer service," he said.
Through this acquisition, TMS gains NAB's processing capabilities, merchant and sales partner portals, onboarding tools and operational resources. NAB realizes an additional $12 billion in credit and debit card transaction processing through TMS's established base of merchants. It also gains integrated payment technology via a network of over 3,000 TMS sales partners, software developers and strategic partners. "This acquisition enables TMS to accelerate its development of fully integrated and secure payment solutions, continue its commitment to exemplary customer service for merchants and partners, and gain access to NAB's broad platform of capabilities," said Ed Freedman, Chairman and founder of TMS.
Credit Suisse Group served as financial advisors to NAB during the acquisition process.
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