A subsidiary of U.S. Bancorp, Minneapolis, has acquired Electronic Transaction Systems, a financial technology company based in Virginia.
The subsidiary is Atlanta-based Elavon, a global merchant payment processing provider. The acquisition will allow Elavon to integrate payment processing into ETS’ software, and provide businesses another way to access Elavon’s services.
“ETS has an innovative approach to merchant payments that fits well within Elavon’s strategy to provide businesses the ability to safely and quickly integrate into our system,” said Jamie Walker, CEO of Elavon. “ETS is a successful, dynamic company, and we look forward to growing our business together.”
“We are thrilled to join with Elavon and become part of U.S. Bank,” said Ed Vaughan, CEO of ETS. “We have worked with U.S. Bank for the 20 years that we’ve been growing our company. There was simply no better choice than U.S. Bank, who knows us and shares our vision for the future.”
“The acquisition of ETS is part of our investment aimed at enhancing Elavon’s eCommerce offering and integrating Elavon’s payments capabilities into software its customers already use,” said Terrance Dolan, vice chairman and CFO of U.S. Bank.
Financial terms of the deal were not disclosed.
Elavon processes more than 3 billion transactions annually around the world; the company operates in 10 countries around the world.