Global payments company Payroc has acquired East Commerce Solutions, a merchant service handling $2 billion dollars in annual processing volume, according to a Friday (Jan. 14) press release.
“East Commerce Solutions has always been a customer advocate first and foremost,” said East Commerce Solutions Founder Edward Medeiros in the release. “I am excited to increase our product offerings with Payroc’s technology stack and international reach, which will provide the opportunity to drive future growth for both companies.”
Founded in 1994, East Commerce does business throughout the United States, the release stated.
“Ed and his team have built a well-established and respected name in the industry and share a mutual vision with Payroc that people do business with people,” said Payroc CEO James Oberman. “We look forward to enhancing our offering through our joint broad suite of products and value-added services on a global scale.”
Based in Illinois, Payroc serves more than 110,000 merchants in about 40 countries, assisting with things like underwriting and risk management, global device connectivity and application programming interfaces (APIs).
In November, the company launched a partnership with the electronic pay processing firm Dynamic Solutions that will allow it to expand to Puerto Rico and opens the door for expansions throughout Latin America and the Caribbean.
Earlier this month, PYMNTS spoke to Joe Natoli, Payroc’s executive vice president of Mergers and Acquisitions, about the importance of merchants collaborating with a partner who is both bilingual and has the local knowledge to help U.S. business navigate complex markets.
“When you pick a cross-border partner, you need to pick one that has all of those capabilities, and if you’re lucky, they’ll also have some proprietary [and] unique market advantages that [have helped] them gain market share,” he told PYMNTS.