Fiserv has agreed to acquire processor Pineapple Payments in a move that will expand its current distributor partner relationship to help its Clover platform while also picking up the payment processing for Pineapple’s current customer base.
Fiserv payment solutions that move through Pineapple Payments distribution channels include its CoPilot partner platform, as well as the Clover point of sale and Clover Connect systems.
Financial terms of the deal were not disclosed.
“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,” Fiserve President and CEO Frank Bisignano said in a press release Thursday. “Together will provide omnichannel payments technology and services to enable merchants to maximize the potential of electronic payment processing.”
Pineapple Payments, founded in 2016, serves more than 25,000 merchants. The Pittsburgh company focuses on payment processing, proprietary technology and omnichannel payment acceptance for integrated software vendors, and small and medium-size businesses.
“Pineapple Payments’ mission is to add value to the payments experience through simple, secure and scalable solutions,” Brian Shanahan, Pineapple Payments’ CEO, said in the release. “Based on our existing relationship, we believe Fiserv is the ideal partner to take that mission to the next level and beyond.”
Pineapple operates Transax as its core payment platform, which it has distributed through a network of resellers and independent sales organizations. The company offers both API-based and out-of-the-box solutions for services like hosted payment pages, recurring billing and invoice management, as well as integrations with QuickBooks and Salesforce.
Fiserv, of Brookfield, Wis., expects to close the acquisition in the second quarter of 2021.
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