NJ-based Heartland Payments Systems has closed on its acquisition of KS-based TouchNet Information Systems. Heartland paid a purchase price of $375 million in cash. The deal was first announced in July.
TouchNet Information Systems is an integrated commerce solutions provider to higher-education institutions. TouchNet adds over 600 higher education clients serving over six million students – nearly one-third of the higher-education enrollment in the United States – to Heartland’s Campus Solutions business.
When combined with Heartland’s existing portfolio of payments, loan servicing and other campus solutions, the acquisition makes Heartland the largest provider of integrated commerce solutions to the higher-education market. Heartland is the fifth largest payment processor in the nation.
The purchase was funded primarily with a new 5-year, $375 million secured term loan, which comprised a portion of a new credit facility that closed simultaneously with the acquisition. The new credit facility also includes a secured $400 million revolving credit line.
Heartland Payment delivers credit/debit/prepaid card processing, mobile commerce, e-commerce, marketing solutions, security technology, payroll solutions, and related business solutions and services to more than 275,000 business and educational locations nationwide.
For more data on the Heartland access CardData®. For information and commentary on Heartland visit the searchable CardFlash® Library of more than 58,000 articles published since 1995. RAM Research® forecasts on Heartland are available exclusively through CardWeb.com.®