Fiserv to acquire payments technology company Pineapple Payments
By Pavithra R
Under the deal, Fiserv will continue to provide payment processing services to Pineapple Payments merchants, while improving its seamless delivery of an array of customer-focused, innovative solutions. The transaction is subject to customary approvals and closing conditions and is expected to close in the second quarter of 2021. Financial terms of the transaction were not disclosed.
“With Pineapple Payments already operating as a key distribution partner of Fiserv, we expect to accelerate the delivery of new and innovative capabilities to a host of new merchant clients. Together, we will provide omni-channel payments technology and services to enable merchants to maximize the potential of electronic payment processing. We look forward to welcoming Pineapple Payments to the Fiserv family and continuing to provide the best-in-class solutions and service that merchants and their customers expect,” said Frank Bisignano, President and Chief Executive Officer of Fiserv.
Founded in 2016, Pineapple Payments is a payments technology company that provides payment processing, proprietary technology and omnichannel payment acceptance solutions for integrated software vendors (ISVs) and small and medium businesses (SMBs). The company currently serves more than 25,000 merchants.
The acquisition expects to expand the reach of payment solutions from Fiserv, including the CoPilot partner platform, Clover nd Clover Connect, through the technology and relationship led distribution channels of Pineapple Payments.
“Pineapple Payments’ mission is to add value to the payments experience through simple, secure, and scalable solutions. Based on our existing relationship, we believe Fiserv is the ideal partner to take that mission to the next level and beyond,” said Brian Shanahan, Chief Executive Officer of Pineapple Payments.
Established in 1984, Fiserv is a global provider of payment and financial services technology. The FinTech aspires to move money and information in a way that moves the world. The FinTech is a member of the S&P 500 Index and the FORTUNE 500 and is among FORTUNE World’s Most Admired Companies.
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