Francisco Partners acquires Moneris Solutions Corporation
The roughly C$2 billion deal gives Francisco Partners a payments platform that processes one in three Canadian transactions, while seller banks BMO and RBC will continue referring customers under long-term commercial agreements.
Francisco Partners has acquired Moneris Solutions Corporation, a Canadian payments and commerce technology provider, from Bank of Montreal and Royal Bank of Canada for approximately C$2 billion in cash. The company’s network handles roughly one in three card transactions in Canada, supports more than 325,000 points of commerce, and employs nearly 2,000 people.
BMO and RBC will maintain long-term customer referral agreements with Moneris, preserving distribution relationships for the platform. Francisco Partners, which has previously invested in Hypercom, Paymetric, PayLease, NMI and Verifone, plans to support further investment in Moneris’ technology and platform expansion.
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