Payroc scoops up another peer
Payroc WorldAccess, the fast-expanding payments processor, said Friday that it has made another acquisition, this time buying BlueSnap, a payments orchestration firm that has focused on the middle market.
Payroc is a payments technology company and acquirer that services merchants, enabling them to process credit and debit card payments as well as other types of transactions. This is the suburban Chicago-based company's second acquisition announcement this month, after saying last week that it would buy the cloud-based payments player LedgerPay.
Buying BlueSnap, which also provides accounts receivables automation, will allow the combined entity to process card-not-present, electronic check and other payments in 47 countries and some 100 different currencies, according to a Friday press release about the transaction. It will also allow for use of embedded invoicing as well as subscription billing and automated reconciliation with real-time dashboards, the release said.
A spokesperson for Tinley Park, Illinois-based Payroc didn't respond to a question about the purchase price for BlueSnap. The company said it expects the deal to close in the third quarter.
'Integrating BlueSnap's orchestration layer with Payroc's direct-connect network transforms our ability to serve merchants and [independent sales vendors] at scale,' Payroc CEO Jim Oberman said in the release. 'This transaction dramatically expands our global footprint and the breadth of capabilities we can bring to our customers and partners.'
BlueSnap, based in the Boston area, had raised at least $80 million, and at one point had about 200 employees. Fintech venture capital firms Great Hill Partners and Parthenon Capital Partners contributed to investments of $50 million in 2014.
BlueSnap was founded in 1998 by CEO Henry Helgeson, and he became the company's CEO last year, according to his LinkedIn profile. Ralph Dangelmaier led the company as CEO for about a decade before Helgeson, but then exited after the Federal Trade Commission took action against the company and Dangelmaier last year over 'processing payments for deceptive and fraudulent companies,' according to a May 2024 release from the federal agency.
'Joining Payroc gives BlueSnap's customers direct access to industry-leading acquiring relationships and a broader partner ecosystem,' Helgeson said in the release.
BlueSnap has targeted a middle-market clientele, accepting payments from all over the world. The company focused on clients with between $2 million and $1 billion in annual revenue at one point, attracting the gift company Edible arrangements, software company Jamf and online genealogy company MyHeritage as customers.
Payroc has been on an acquisition spree in recent years. The company said the acquisition of LedgerPay would allow it to provide end-to-end processing for all major card brands and debit networks, while also offering a suite of cloud-based payments services.
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