Payment technology provider Vantiv is planning to acquire Paymetric, a B2B electronic payments provider, the company said this week.
The acquisition expands Vantiv’s presence into the B2B payment space, the company said. Paymetric integrates payments capabilities with enterprise systems such as SAP, Oracle and Salesforce. It uses tokenization technology to store customer information securely.
The acquisition is part of Vantiv’s strategy to diversify the clients it serves, the company said.
“Acquiring Paymetric builds upon our strategy to expand into high-growth channels and verticals,” Charles Drucker, president and chief executive officer of Vantiv, said in a press release. “Paymetric’s deep system integration and workflow automation expertise will enhance our already-leading ecommerce technology capabilities. Paymetric’s B2B focus will also enable us to enter this fast-growing vertical in a unique and differentiated way.”
The company cited data from the Federal Reserve Bank of Philadelphia as saying card transactions are the fastest growing segment within B2B payments, which is a $30 trillion market. Despite this, Vantiv said, a 2016 AFP survey on electronic payments indicated that almost 70% of companies are not yet set up to accept card transactions efficiently.
“By becoming part of Vantiv, we will be able to accelerate the development of our advanced payments integration and security solutions,” Asif Ramji, president and chief executive officer of Paymetric, said in the release. “Together, Paymetric and Vantiv will now both be able to offer an expanded suite of services to our clients and partners.”
The transaction is expected to close during the second quarter of this year.