Belfast-based technology firm Cayan to be sold in $1 billion deal
LESS than a week after announcing 170 new positions in Belfast, US technology firm Cayan is set to be sold in a $1 billion deal.
Leading global payments solutions provider Total System Services (TSYS) confirmed yesterday it has entered into an agreement to acquire Cayan in an all cash transaction valued at approximately $1.05 billion. The deal follow the US firm's acquisition of merchant solutions provider TransFirst in at $2.35 billion agreement in January 2016.
Cayan announced just last week that it is taking on an additional 170 staff at its Belfast premises in City Quays as part of major investment plans in the city. The company, which set up in Belfast in 2013, has seen steady growth over the past four years and in its announcement last week said it expects its overall headcount in the north to rise to 240 people by 2019. Of the 170 new customer service position, 100 are already in place and once in place are set to generate £3.6 million in annual salaries.
In a statement on Wednesday chief technology officer at Cayan, Paul Vienneau said the Northern Ireland operation is “incredibly significant” to the company's overall business strategy, with the Belfast development team “consistently delivering product engineering excellence”. Following the expected takeover, set to be completed in first quarter of next year, it is unclear whether expansion plans in Belfast will be affected by the change in ownership.
TYSS CEO, Troy Woods emphasised the importance of the Cayan acquisition in relation to the firm's US operations, with no reference made to Northern Ireland.
"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,"he said.
Co-founder and CEO at Cayan, Henry Helgeson added: “Cayan and TSYS are aligned in our strategy to provide cutting-edge payment solutions and a robust product offering to merchants across the U.S. We're excited about the opportunity to bring innovative products to a broader customer base.”
Boston headquartered Cayan, previously known as Merchant Warehouse, provides point of sale payment platforms for some of the world's leading brands such as Puma and Harley Davidson.