M&A momentum within the payments industry endures this past week with several new deal announcements. To kick things off, Razorpay has disclosed their acquisition of IZealiant Technologies, a provider of software and payment services to banks and financial institutions. This acquisition builds upon their existing relationship and will enable Razorpay to further expand their product suite within their Banking Solutions Arm. As this acquisition closes, Razorpay will now have access to IZealiant’s ZealPro product line which has been deployed across 18 countries and handles millions of transaction annually. This deal represents another step forward for Razorpay in creating the technology infrastructure that supports the payment processes for banks and end users. Separately, Exela Technologies has announced their acquisition of Corduro, an omni-channel payment processing platform. With this acquisition, Exela has launched their own payment acquiring and processing service, which is being branded as ExelaPay. This new product launch builds upon Corduro’s existing payment technologies and allows Exela to rapidly enter the market as a merchant service provider.
In other M&A news, PayTrace announced last week that they have been purchased by North American Bancard (NAB) for an undisclosed sum. As part of this deal, PayTrace will now be NAB’s preferred gateway solution for all merchant types.