Trending
Stocks.org
You are at:»»Heartland Payment Systems, Inc. (NYSE:HPY) to Acquire TouchNet Information Systems for $375 Mln; Shares Up 5%
heartland

Heartland Payment Systems, Inc. (NYSE:HPY) to Acquire TouchNet Information Systems for $375 Mln; Shares Up 5%

464
By on Technology & Software

Heartland Payment Systems, Inc. (NYSE:HPY) shares are up more than 5% after the provider of card payment processing solutions and merchant business solutions said Wednesday it agreed to buy TouchNet Information Systems, Inc., an integrated commerce solutions provider to higher-education institutions, for $375 million.

The acquisition includes TouchNet’s software, customer base and existing employees, including the management team. Its operations will continue to be based in Lenexa, Kansas. The combination of TouchNet with HPY’s existing portfolio of payments, loan servicing and other campus solutions makes HPY the largest provider of integrated commerce solutions to the higher-education market.

On a non-GAAP basis, HPY expects the transaction to be slightly accretive in 2014, and to add at least $0.30 per share in 2015. Additionally, the company expects that this transaction will add over $60 million to 2015 net revenue. The transaction is expected to close in Q3 2014, subject to regulatory approvals and customary closing conditions. Shares are up 5% at $47.76 with a 52-week range of $36.73 – $50.44.

Get Free Updates and Stock Alerts!



*We only send one email per week
Share.

Related Posts

Get Winning Stock Alerts!

Our track record speaks for itself! Our last 7 alerts have delivered combined gains in excess of 300% and there are no signs of slowing down. Join UltimateStockAlerts.com now before you miss out on our next big runner!

We will never sell or share your information.
Close