April 13, 2010, 12:00 AM

Merchant e-Solutions buys Synovus` merchant services business

The payment services provider has acquired the merchant services business of Synovus Financial Corp. affiliate Columbus Bank and Trust for $70.5 million in cash.

 

Payment services provider Merchant e-Solutions has acquired the merchant services business of Synovus Financial Corp. affiliate Columbus Bank and Trust for $70.5 million in cash. Merchant e-Solutions says it provides the payment platform for more than 30,000 e-commerce merchants.

As part of the deal the companies agreed to a 10-year joint marketing agreement that provides for Merchant e-Solutions to provide payment processing services for new Synovus bank merchant customers.

“This transaction continues and expands our 10-year-old partnership with Synovus for many years to come and provides MeS and Synovus with significant growth opportunities,” said Merchant e-Solutions CEO Sharif Bayyari.

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