Siris Capital-owned Transaction Network Services (TNS) has revealed that it has agreed to sell its Payment Gateway Services business to MasterCard.
TNS’ eCommerce and card-present payment systems will be absorbed into MasterCard’s DataCash payment gateway suite, which MasterCard hopes will help it to push its branded products in North and Latin American markets.
MasterCard also intends to use the acquisition to drive forward its online and mobile payment plans by opening up options for integration with existing merchant and acquirer platforms, according to TNS.
Mike Keegan, Co-Chief Executive Officer at TNS, said: “At TNS, we have created a feature-rich, flexible payment gateway business with best in class infrastructure and availability. Combining this business with DataCash’s offering will create a truly differentiated global digital commerce solution with increased development and distribution capabilities. TNS looks forward to continuing to work with MasterCard and DataCash to help their customers grow and expand their business.”
The acquisition is expected to be completed by the end of the year.
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