Global Payments to sell payroll unit for $1.1B
Global Payments plans to sell its payroll software services business to Grand Rapids, Michigan-based Acrisure for $1.1 billion, the company said in a press release Wednesday. As part of the transaction, the companies also entered a commercial agreement under which Global Payments will continue to offer the human resources and payroll software services to its merchant clients, the release said.
In a separate release Wednesday, Acrisure noted the unit is currently known as Heartland Payroll Solutions, but will be rebranded after the closing. The companies said they expect the deal to close in the second half of this year.
'This transaction further sharpens our strategic focus and allows us to amplify investment in the markets and solutions where we are most differentiated, while also positioning the payroll business to benefit from greater scale and investment moving forward,' Global Payments CEO Cameron Bready said in the release.
Atlanta-based Global Payment plans to sell off the payroll and human resources business as it seeks to narrow its focus on providing payments services to merchants and to streamline its operations around that purpose. The company earlier this year also divested its issuer business in a $13.5 billion sale to Fidelity National Information Services and last year sold its healthcare software Advanced MD unit to an investment firm for $1.1 billion.
By contrast, Acrisure said the acquisition will allow it to keep diversifying the suite of software services it offers to its approximately 50,000 small and mid-sized business clients. The purchase will let it expand the human resource and payroll services it currently offers, and add to its other insurance, reinsurance and cybersecurity services.
Acrisure, which recently raised $2.1 billion in a funding round that valued the company at $32 billion, will hire a Global Payments executive as part of the deal. The company said Vince Lombardo, the North America president for Global Payments' merchant solutions business, will become CEO of the Heartland Payroll business.
The Heartland unit has about 1,000 employees, a spokesperson for Acrisure said in a statement via email. Acrisure plans to expand the unit's workforce as the business grows, according to the statement. 'All Heartland Payroll teams and employees currently dedicated to the payroll business will be given the opportunity to work at Acrisure,' the spokesperson added.
Analysts who follow Global Payments noted that the sale falls in line with the company's plan to divest businesses that generate up to $600 million annually.
While analysts for the investment firm Robert W. Baird & Co. estimated the Heartland unit generated between $125 million and $145 million in annual revenue, or about 1.5% of Global Payments' overall annual income, analysts for at the firm TD Cowen estimated a higher level, estimating the unit's revenue in the range of $250 million to $300 million.
Recommended Reading
FIS, Global Payments agree to Worldpay deal
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New York Post
11 minutes ago
- New York Post
Air Canada cabin staff go on strike, grounding hundreds of flights
Air Canada's unionized flight attendants walked off the job early on Saturday morning after contract talks with the country's largest carrier stalled, in a move that could disrupt travel plans for more than 100,000 passengers. The union representing more than 10,000 Air Canada flight attendants confirmed the action in a social media post at around 1:00 a.m. in the first strike by cabin crew since 1985. Attendants are currently paid when the plane is moving and the union was seeking to also be compensated for time on the ground between flights and helping passengers board. 5 Air Canada union activists interrupt a press conference by airline executives on Aug. 14, 2025. REUTERS Montreal-based Air Canada, which is expected to respond quickly by locking out the workers, has said it anticipated canceling 500 flights by the end of Friday during the busy summer travel season. It expected around 100,000 people to be affected on Friday alone. Flight attendants are likely on Saturday to picket at major Canadian airports, where passengers were already trying to secure new bookings earlier in the week, as the carrier gradually wound down operations. Passenger Freddy Ramos, 24, said on Friday at Canada's largest airport in Toronto that his earlier flight was canceled due to the labor dispute and he had been rebooked by Air Canada to a different destination. 'Probably 10 minutes prior to boarding, our gate got changed and then it was canceled and then it was delayed and then it was canceled again,' he said. 5 Air Canada planes sit on the tarmac at Pearson International Airport in Toronto, Canada on Aug. 14, 2025. Getty Images 5 Air Canada flight attendants walk through the terminal of Montreal-Pierre Elliott Trudeau International Airport in Dorval, Quebec on Aug. 15, 2025. AP Air Canada and its low-cost affiliate Air Canada Rouge normally carry about 130,000 customers a day. Air Canada is also the foreign carrier with the largest number of flights to the US. While the dispute has generated support from passengers on social media for the flight attendants, Canadian businesses reeling from a trade dispute with the United States urged the federal government to impose binding arbitration on both sides, which would end the strike. Air Canada has asked the minority Liberal government of Prime Minister Mark Carney to order both sides into binding arbitration although the Canadian Union of Public Employees, which represents the attendants, said it opposed the move. The Canada Labour Code gives Jobs Minister Patty Hajdu the right to ask the country's Industrial Relations Board to impose binding arbitration in the interests of protecting the economy. Hajdu has repeatedly urged the two sides, which are not bargaining, to return to the table. The union has said Air Canada offered to begin compensating flight attendants for some work that is now unpaid but only at 50% of their hourly rate. 5 Flight attendants are likely on Saturday to picket at major Canadian airports, where passengers were already trying to secure new bookings earlier in the week, as the carrier gradually wound down operations. AP 5 A passenger looks at the canceled and delayed Air Canada flights on a departure board at Montreal-Pierre Elliott Trudeau International Airport. AP The carrier had offered a 38% increase in total compensation for flight attendants over four years, with a 25% raise in the first year, which the union said was insufficient. In a note to clients on Friday, analysts at financial services firm TD Cowen urged the carrier to 'extend an olive branch to end the impasse,' adding that investors are worried that any cost savings on labor are outweighed by lost earnings in the airline's most important quarter. 'We think it would be best for AC to achieve labor peace,' the note said. 'Not budging on negotiations risks being a Pyrrhic victory.'
Business Insider
2 hours ago
- Business Insider
Kyivstar Hopes to Shine in New York as Ukraine Peace Talks Begin
Shares in Ukrainian mobile operator Kyivstar will start trading in New York today hoping that peace talks to end the devastating war in the country will significantly boost the company's value. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Chief executive officer Oleksandr Komarov said ahead of the Nasdaq listing that the summit between President Trump and Russian leader Vladimir Putin in Alaska, scheduled for August 15 th, would help drive investment into Ukraine if an end to the three-year war is found. Invest in Recovery 'We will be the best asset for the international investment community to invest in Ukraine, to invest in the Ukrainian recovery, to invest in the Ukrainian support,' Komarov said. Komarov said the company chose Nasdaq, where its Dubai-based parent VEON (VEON) is also listed, over London or Warsaw because it is even more important to 'strengthen the link between the United States and Ukraine rather than between Ukraine and Europe.' VEON shares were up 1.6% in pre-market trading. The company has also strengthened its U.S. ties during the conflict, appointing former U.S. Secretary of State Mike Pompeo to its board and signing a deal with Elon Musk's Starlink for satellite services. Kyivstar, which has been given a pro forma valuation of $2.3 billion, carried out the listing by merging with fintech entrepreneur Betsy Cohen's Cohen Circle special purpose acquisition company (SPAC). The company raised $178 million, confirming earlier reports that it expected up to $200 million. VEON will retain a majority stake in the mobile operator. People's IPO The company has previously stated that it has had extremely strong support for the Kyivstar listing from U.S. authorities, Ukraine and the European Union. Indeed, it has described the listing as 'the people's IPO', hoping that investors around the world would show their support for Ukraine. Kyivstar is the market-leading mobile operator in Ukraine with 24 million subscribers. Analysts agreed that the narrative around the deal was built around Ukraine's postwar reconstruction and digital infrastructure's role in that recovery. However, investors will also likely question the strength of that recovery and the likelihood of any peace deal between Ukraine and Russia holding over the long-term.
Associated Press
3 hours ago
- Associated Press
The Bin Store Opens New Location in Snellville, GA
08/15/2025, Augusta, GA // KISS PR Brand Story PressWire // Bin Store Brands is thrilled to unveil the grand opening of its latest location, The Bin Store Snellville, in Snellville, Georgia. As metro Atlanta's top-rated hotspot for unbeatable deals on premium brand-name merchandise, it is excited to bring its treasure trove of discounts to even more savvy shoppers. Located at 2110 A Fountain Square, this strategically positioned store will serve families, students, and bargain hunters throughout Gwinnett County and the greater Northeast Atlanta area. 'We're dedicated to providing metro Atlanta residents with access to quality brand-name merchandise at deeply discounted prices,' said Michael Prendamano, Founder and CEO of The Bin Store. 'Our mission at The Bin Store is to provide value across all categories from top-tier electronics to everyday household essentials, health & beauty, toys, and more.' Treasure Hunting Meets Unbeatable Savings The Bin Store specializes in Amazon returns, Target overstock, and major retailer liquidations, offering customers the opportunity to discover quality merchandise at up to 99% off retail prices. With over 25,000 new items arriving weekly, shoppers can expect fresh treasure-hunting experiences with each visit. 'We're thrilled to bring The Bin Store experience to the Snellville community,' said Pete & Christina Ghazarian, The Bin Store's latest licensees and proud metro Atlanta residents. 'Our unique pricing model and constantly changing inventory create an exciting shopping adventure that appeals to everyone from Georgia Gwinnett College students to growing Atlanta families.' Strategic Location Serves Diverse Community The Fountain Square location offers convenient access for residents throughout the region, including: The store is easily accessible via US-78 (Stone Mountain Freeway), with ample parking and a family-friendly environment. For those searching online for ' Amazon bin store near me,' The Bin Store is the leader in the South East. Unique Daily Pricing Structure and Community Impact The Bin Store operates on an innovative daily pricing system that encourages frequent visits while supporting local charities. A fresh inventory of 25,000 new items arrives every Friday and Saturday at $6 per item, and then prices drop by $1 each day throughout the week: At the end of each week, remaining items are donated to local charities, demonstrating The Bin Store's commitment to community support and environmental sustainability before restocking with 25,000 fresh items for the following week. No Membership Required Unlike traditional warehouse stores, The Bin Store welcomes all shoppers without membership fees or hidden costs, making quality merchandise accessible to everyone in the community. Store Hours and Information Address: 2110 A Fountain Square, Snellville, GA 30078 Phone: (770) 674-5513 Website: Hours: About The Bin Store Liquidation Store About The Bin Store The Bin Store sets the industry standard in deep discount retail with over 7 million products sold under the leadership of Michael Prendamano, Founder and CEO. As a liquidation conduit for major retailers, The Bin Store can reposition returned and overstock items as an environmentally conscious shopping alternative while delivering exceptional value to customers. The Bin Store is a division of Bin Store Brands based in Augusta, Georgia. Bin Store Brands provides a suite of services in the liquidation space, including Retail, Consulting, Licensing, and Wholesale Distribution. Licensee Opportunities Available Nationwide The Bin Store is actively seeking new locations in several markets across the United States. Now you can own a business with The Bin Store, a fun, family-friendly retail liquidation store that people will line up to get in. Every trip to The Bin Store is a treasure hunt, and shoppers never know what they will find. With different merchandise every week, customers want to come back routinely to hunt for the big scores or cash in on savings for everyday items. As an owner, you get a proven concept, everything required to hit the ground running, and the support you need to succeed. Join The Bin Store family today! For more information on how you can own your very own Bin Store, visit For more information about The Bin Store Snellville location, visit or follow them on social media for updates on new arrivals and special deals: ### Media Contact: Pete Ghazarian The Bin Store Phone: (770) 674-5513 Email: [email protected] Website: Source published by Submit Press Release >> The Bin Store Opens New Location in Snellville, GA
