Heartland Payment Systems, the fifth-largest payment processor in the U.S., will purchase Lenexa, Kan.-based TouchNet Information Systems for $375 million, the biggest acquisition ever for New Jersey-based Heartland.
The deal includes TouchNet’s software, customer base and employees, according to a release. Heartland said TouchNet’s 180 employees will remain in the Kansas City area.
Heartland CEO Robert Carr said the acquisition of TouchNet, which specializes in payments systems for universities, would help his company strengthen its presence in the higher education market.
“TouchNet will enable us to offer the higher education market an end-to-end integrated commerce and payments solution that is unmatched in the industry,” Carr said in a release.