Following a bustling start to the year in M&A activity, this week has evidently slowed down in deal announcements as payment firms begin to execute their strategies for 2022. Nonetheless, there were a couple announcements this past week that kept the momentum going in the merchant acquiring industry. To start, Payroc announced their acquisition of East Commerce Solutions, a complementary ISO based in East Providence Rhode Island. This acquisition adds to Payroc’s existing suite of products and services and allows the company to further expand their market presence throughout the United States. East Commerce processes $2 billion in annual payment volume and serves various market verticals including retail, restaurant and municipalities.
In other M&A news, Foodics, a restaurant technology firm based in Saudi Arabia, has announced their acquisition of POSRocket. This deal marks Foodic’s first acquisition and will largely increase the company’s market positioning in the Middle East and North Africa (MENA) region. POSRocket reigns as the second largest cloud technology provider for the restaurant space in the region and their products and services complements well with Foodic’s existing suite of offerings. Foodics has processed more than $5 billion through their platform and is aiming to expand to over 150,000 POS terminals by 2024.