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TSYS buys Cayan in $1B deal

TSYS has entered into an agreement to acquire Boston-based Cayan, a payment technology company focused on integrated payment products and merchant acquiring, in an all-cash transaction valued at approximately $1.05 billion, according to a press release.

"The acquisition of Cayan strategically complements our merchant goals to become a leading payment solutions provider to small and medium size businesses in the U.S. by delivering 'best-in-class' services and solutions," said M. Troy Woods, chairman, president and CEO of TSYS, in the release. "TSYS already has tremendous scale and distribution capabilities. The addition of Cayan's unified commerce solutions puts us in a strong competitive position to jointly offer a broader set of value-add products and services to our partners and merchants."

Cayan is best known for its Genius platform, which "delivers a seamless and scalable unified commerce experience across channels," stated the release.

The board of directors of TSYS has approved the transaction, which is expected to close in Q1 2018 and is subject to regulatory approvals and other customary closing conditions.