London, Ontario and Montréal-based Paystone has purchased Canadian Payment Services (CPS).
Founded in 2009, Paystone is a payment processing provider. Its products range from automated payment processing to customer loyalty, gift card solutions, and reputation marketing. The company’s customers include brands such as Irving Oil, The Source, Global Pet Foods, Kernels popcorn, and a number of MTY Food Group’s restaurant brands.
“This is the largest acquisition we’ve made to date in relation to both new revenue and clients.”
— Tarique Al-Ansari
Paystone’s acquisition of CPS marks the sixth addition to its growing portfolio of acquired companies, and the largest – though the financial terms of the deal were not disclosed.
“This is the largest acquisition we’ve made to date in relation to both new revenue and clients,” said Tarique Al-Ansari, CEO at Paystone. “Additionally, we’re also excited to provide additional value to CPS merchants through Paystone’s proprietary product and service offerings.”
CPS is a provider of merchant services, which includes credit card and Interact processing. It also offers gift card and loyalty programs, as well as business cash advance. It claims a customer base of over 10,000.
The purchase of CPS follows Paystone arming itself with $99 million last year to fuel both international expansion and acquisitions. The startup’s investors include France’s Crédit Mutuel Equity, the Canadian Business Growth Fund, and National Bank of Canada.
Paystone formerly operated as Zomaron, where it developed payment processing solutions for North American businesses and registered charities.
The company claims its technology is used at over 35,000 locations across Canada and the United States, which collectively process over 10 billion dollars a year in bankcard volume. It has a workforce of 150 employees.
To fuel its continued growth, Paystone intends to add over 100 new employees by the end of this year.