(By Balaseshan) Total System Services Inc. (NYSE: TSS), which provides electronic payment processing and other services, said it has completed its acquisition of ProPay.
The Columbus, Georgia-based company said ProPay is now a wholly owned TSS subsidiary reporting to Mark Pyke, president of TSS' Merchant Services segment.
ProPay previously operated as a privately-held company, and headquartered in Lehi, Utah. It offers simple, secure and affordable payment solutions for organizations ranging from small, home-based entrepreneurs to multi-billion dollar enterprises.
Financial Technology Partners LP and FTP Securities LLC acted as exclusive financial and strategic advisors to ProPay and its Board of Directors in this transaction.
Total System Services offers issuer account solutions, including processing the card application, initiating service for the cardholder, processing each card transaction for the issuing retailer or financial institution, and accumulating the account's transactions.
The company also offers fraud management services for monitoring the unauthorized use of accounts; and other services, such as customized communications to cardholders, and information verification associated with granting credit, debt collection, and customer service.
TSS is trading down 1.06% at $21.42 on Wednesday. The stock has been trading between $19.35 and $25.06 for the past 52 weeks.