Fintech giant Fiserv to acquire Pineapple Payments
Global fintech giant Fiserv, a leading provider of payments and financial services technology solutions, announced that it has signed a definitive agreement to acquire Pineapple Payments and will continue to provide payment processing services to Pineapple Payments merchants, while enhancing its seamless delivery of an array of customer-focused, innovative solutions.
The acquisition will expand the reach of market-leading payment solutions from Fiserv, including the CoPilot partner platform, Clover® and Clover Connect, 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 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,” said Frank Bisignano, President and Chief Executive Officer of Fiserv. “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.”
“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.
“With the scale and expertise of Fiserv, we will make commerce even easier and more accessible in a variety of different segments. We look forward to our talented teams working together as we set a higher standard of service for our clients,” added Jon Halpern, President of Pineapple Payments.
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.