A Canadian bill payment processing company has closed on its acquisition of a Fairfield-based firm, it announced Monday.TIO Networks Corp., based in Vancouver, British Columbia, had announced the $31M deal for retail bill payment solutions company Softgate Systems Inc. in July. The sale price included 25 million shares of stock, $4.6 million in cash and other considerations.
“Softgate is excited to join forces with TIO and to create an emerging competitor in the multichannel bill payment marketplace,” Rick Auletta, CEO of Softgate, said in a prepared statement. “This acquisition will be beneficial for our current and future customers, providing an increased level of service between the two companies. Both TIO and Softgate possess complementary products and distribution channels in the bill payment industry, and together we can provide a level of service second to none.”
TIO said the deal will make it the largest provider of walk-in bill payment services in North America, as well as a leading payment processing and receivables management company.
“TIO has enjoyed an eight-year relationship with Softgate, and with our cultural and commercial alignment, an acquisition felt like a natural progression for our businesses,” Hamed Shahbazi, TIO’s CEO, said in a statement.