Fiserv Inc. on Thursday said it has signed a definitive agreement to acquire Pittsburgh-based fintech startup Pineapple Payments.
Terms were not disclosed.
Fiserv (Nasdaq:FISV), based in Brookfield, is a global provider of payments and financial services technology solutions and said the acquisition will expand the reach of its products through the technology- and relationship-led distribution channels of Pineapple Payments.
Founded in 2016, Pineapple Payments provides payment processing, proprietary technology and omni-channel payment acceptance solutions for integrated software vendors and small and medium businesses. The downtown-based company currently serves more than 25,000 merchants.
"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,” Frank Bisignano, Fiserv president and CEO, said in a prepared statement. “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.”
Brian Shanahan, the repeat fintech entrepreneur who is Pineapple Payments CEO, said Fiserv is the ideal partner to take its mission to the next level and beyond.
The transaction, subject to customary approvals and closing conditions, is expected to close in the second quarter.
“With the scale and expertise of Fiserv, we will make commerce even easier and more accessible in a variety of different segments,” Jon Halpern, Pineapple Payments president, said in a prepared statement. “We look forward to our talented teams working together as we set a higher standard of service for our clients.”
