Payment processor and software venture Celero Commerce has acquired a Chicago-based peer that grows its volume and customer base by about 40 percent.
Executives with Brentwood-based Celero say their deal for TransNational Payments makes their two-year-old company one of the country’s 10 largest non-bank payment processors. Financial terms are not being disclosed but TransNational pushes Celero’s annual card processing volume past $14 billion and brings 125 people to the team.
“This is an important step in Celero’s evolution, expanding the high-tech, high-touch solutions we deliver,” Celero founder and CEO Kevin Jones said in a statement. “Our collective offering of vertically focused solutions, advanced middleware technologies and frictionless boarding capabilities […] optimizes Celero for continued growth.”
In addition to its home office, TransNational also has a sales office in the Tampa area. With the company on board, Celero now works with about 40,000 businesses — many of them small and mid-sized merchants — and 150 financial institutions. TransNational CEO Jae Haas will now lead its Celero Direct division while and Executive Vice President Bryan Olson will take over the TransNational group.
Jones launched Celero with the financial backing of private equity firm LLR Partners. The deal for TransNational is his team’s second this year after the purchase of FlashBanc, which processed about $1 billion annually, in early spring.