Georgia company closed purchase of Utah-based ProPay
A Georgia company said it has completed its purchase of ProPay Corp. of Utah.
TSYS of Columbus, Ga., said ProPay of Lehi has become a wholly owned subsidiary.
TSYS offers payment services for credit and debit cards to merchants, financial institutions and governments.
Terms of the transaction announced in November were not disclosed. At the time, Philip W. Tomlinson, chairman and CEO of TSYS, said the deal "positions TSYS to capitalize on the explosive growth of mobile and more effectively compete in the small and micro-merchant segment."
Shares of TSYS, which have recently been in the $2.50 range, are traded on the New York Stock Exchange.
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