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January 9, 2021TransactionWatch

TransactionWatch – Week of January 4th – January 8th

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The beginning of the new year is off to a rapid start as it relates to M&A activity in the payments industry. This past week witnessed a flurry of new deal announcements across a variety a different areas. To start, FortisPay announced this week their acquisition of Swype at Work, an affiliate company of Net at Work. This acquisition brings additional services to FortisPay’s product lineup, specifically in the B2B and middle market across the North American region. Separately, NCR is seeking to take advantage of the growing grocery eCommerce market with their acquisition of Freshop. With this acquisition, NCR is enhancing its core POS platform, specifically for regional and small grocery chains, by adding eCommerce options into their offering, including ‘buy-online, pickup-in-store’ capabilities. This method of grocery shopping has rapidly accelerated in the past year largely due to the wake of the pandemic.

In other M&A news, AvidXchange, an AP solutions provider, has acquired Core Associates for an undisclosed sum. Core Associates offers complementary AP solutions and has a strong focus in the construction industry. This acquisition helps enable AvidXchange to broaden their suite of products and further expand into a new market vertical. Lastly, rounding off this week’s M&A activity was Cart.com’s acquisition of AmeriCommerce, which will largely broaden their suite of online products aimed towards small businesses.

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