TNS acquires Sonic Global Solutions' US unit, ATM software and products
Transaction Network Services, Inc. (NYSE: TNS), a global provider of transaction and communication solutions, has acquired Sonic USA, Inc., a Delaware corporation, together with the TPII and TP-CMS software products of Sonic Global Solutions Pty Ltd., an Australian payment and card management solutions provider (collectively referred to as Sonic).
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Sonic, through the well-established TPII and TP-CMS software platforms, provides software solutions for ATM and point of sale transaction processing, credit card management and merchant transaction reporting. The acquisition will provide TNS with the opportunities to develop and sell Sonic’s TPII and TP-CMS technologies internationally as part of a new subsidiary to be called TNS Payment Solutions, Inc. The Sonic group will continue to use the TPII and TP-CMS platforms under long-term license arrangements entered into with TNS.
Commenting on the Sonic acquisition, John J. McDonnell, Jr., Chairman and CEO of TNS, says: "I have long admired the strong and dedicated customer base that the TPII and TP-CMS products have secured, particularly within the now rapidly growing central and eastern European banking markets.
"It is our belief that the customers and partnerships acquired through this transaction can be significantly expanded upon through a range of value added benefits that TNS already delivers to the global payment industry. TNS intends to be a large user of these proven technologies and is already developing plans to migrate several existing TNS operations across to the acquired technologies."
The TPII and TP-CMS customers range from small system users within emerging Asian, African and Eastern European regions, to prominent financial institutions and processing centers operating in highly developed western banking markets.
Mr. Chris Van Brugge, Founder Sonic Communications Pty Ltd, adds: "The principal business of the Sonic Group has always been the provision of outsourced payment processing services. The TPII and TP-CMS products are the cornerstone technology for our existing and future processing center operations. Therefore, Sonic first had to be assured that TNS had the requisite technical and commercial skills, financial strength and global market positioning to assure long-term success for the products. After exhaustive review, we are very confident that TNS is more than capable of supporting the diverse needs of the existing customers and ensuring the necessary ongoing development of the TPII and TP-CMS products."
Following the acquisition, key Sonic management and technical staff will be retained by TNS Payment Solutions, ensuring a smooth transition of services for all existing customers.