Payroc, a merchant services and payment processing company, has acquired the assets of The iTransact Group, LLC, a payment gateway and merchant account provider. With the transaction, Payroc will be able to expand its payments business by adding 300 advisor referral partners, and 6,000 merchants with more than $1.3 billion in annual processing volume.
Additionally, Payroc will gain a mobile POS technology, a proprietary e-Commerce gateway and a proprietary integrated payment facilitator platform. These products will help the company enhance the delivery of customized vertical marketing payment solutions for micro, small and medium-sized businesses.
“With iTransact, Payroc is uniquely positioned to capitalize on opportunities for significant growth,” said Nicholas Oberman, President of Payroc in a statement.
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Following the acquisition, iTransact executives David Hall, EVP of Referral Partners; Jared Poulson, Chief Product and Technology Officer; and Colby Poulson, SVP Business Development and Training, will be joining the Payroc leadership team.
“The iTransact team is excited to join forces with Payroc,” said Stephen Hall, CEO of iTransact. “This winning combination will enable us to enhance the value we provide to our trusted advisor referral partners and their merchant clients through more robust solutions and expanded service offerings.”
