Troutman Pepper represented Payroc WorldAccess LLC (Payroc), an omni-channel payments provider,in its agreement to acquire the merchant services business and related payments software and technology solutions of i3 Verticals, LLC (i3) in an all-cash transaction for $440 million, subject to certain purchase price adjustments. Read a company press release about the acquisition agreement.
Payroc is a high-growth merchant acquirer, processor, and payment integrations powerhouse that offers best-in-class sales enablement and payment processing technology on a global scale, delivering proprietary, innovative, and full-service merchant acquiring solutions together with key card brand network payment sponsorship registrations. The combination will further strengthen Payroc’s distribution capabilities and expand upon its suite of proprietary software solutions available to its merchants and partners and will allow Payroc to continue to be a leader among the banking and non-banking payment solutions. Following the completion of the acquisition, Payroc will process more than $115 billion of annual processing volume for approximately 190,000 customers across the United States, Canada, the Caribbean, the United Kingdom, and the European Union.
The Troutman Pepper team counseling Payroc in the agreement included Brad R. Resweber, Mark T. Wilhelm, Peter N. Dragna, Monica Q. Vu, Samer A. Roshdy, James E. Schutz, Lauren G. Alvarez, Barbara T. Sicalides, Emily Schifter, Kristalyn Lee, Brent T. Hoard, Aileen Ng, Michael J. Crumbock, Joan C. Arnold, Thomas Gray, and Stefanie L. Brennan.