Another bustling week in the merchant acquiring industry as M&A activity continues to steamroll in the first quarter. First off, the integrated software and technology service provider, Tyler Technologies, announced this week their intention to acquire NIC Inc. in an all-cash deal valued at approximately $2.3 billion. The combination of the two enterprises syndicates large complementary solutions in the local and state government markets, which will strengthen the combined company’s position and open additional avenues for growth. Furthermore, NIC Inc. will bring more than $24 billion in annual payment volume to Tyler Technologies, which will help accelerate the company’s strategic payments initiatives. The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2021.
Separately, AffiniPay announced this week its acquisition of ClientPay for an undisclosed sum. ClientPay will join AffiniPay’s existing complimentary brand LawPay, which is largely focused in the legal and professional services market. Lastly, NCR has announced its acquisition of Terafina, a digital onboarding solution for financial institutions. The addition of Terfina will enable NCR to expand its existing Digital First Banking platform with sales and marketing solutions.