Source: Bank of America
In order to pursue its aggressive growth goals and better integrate its sales efforts with existing in-house capabilities, BA Merchant Services has entered into a definitive agreement to sell its independent sales organization business of National Processing Company to Iron Triangle Payment Systems (ITPS), a payments processing business financed by GTCR Golder Rauner.
"This agreement supports Bank of America's strong commitment to the Merchant Services business and allows us to deepen our customer relationships and grow faster than the industry through greater alignment with our Bank of America corporate, commercial and small business organizations," said Mark Pyke, BA Merchant Services executive. "An independent sales channel doesn't lend itself to cross-selling opportunities and integration with other lines of business as our own sales channels do."
The independent sales organization represents 3% of the overall transactions BA Merchant Services processes. Many of the 94 impacted Bank of America associates who support the independent sales teams are expected to be offered comparable positions with ITPS.
BA Merchant Services is part of Bank of America's Card Services and is responsible for providing card processing services to more than one million merchant locations. Headquartered in Louisville, Kentucky, BA Merchant Services has been a leader in the industry for more than 30 years. Today, one out of every five Visa and MasterCard transactions in the U.S. are processed by BA Merchant Services.
Closing of the sale is subject to the customary regulatory approvals. Terms of the deal were not disclosed. Banc of America Securities LLC advised Bank of America on this transaction.