London, Ontario’s Paystone has acquired Canadian Payment Services (CPS), one of the fastest growing providers of Canadian merchant services.
This acquisition is the sixth addition to Paystone’s burgeoning portfolio of acquisitions, having acquired five other businesses in the past two years including Montreal’s DataCandy and Vancouver’s NiceJob.
“This is the largest acquisition we’ve made to date in relation to both new revenue and clients,” explains Tarique Al-Ansari, CEO at Paystone. “Additionally, we’re also excited to provide additional value to CPS merchants through Paystone’s proprietary product and service offerings.”
With the acquisition of CPS, Paystone now services over 35,000 locations across Canada and the United States which collectively process over 10 billion dollars a year in bankcard volume.
As Paystone continues to aggressively grow in service, offering, and revenue, the business is looking to add over 100 new employees by the end of 2022.
“Over the years, Paystone has shown their great commitment to serve Canadian small and medium sized businesses,” remarks Simon Lobanov, Managing Director at CPS. “We are happy to turn our customer base to Paystone so they can continue to receive the highest level of customer care as well as be able to grow their business via new value added products proprietary to Paystone.”
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