Payment processor pays 375M for higher ed provider

A Princeton-based payment processor has purchased a higher-education commerce solutions provider for $375 million, it announced Wednesday.Heartland Payment Systems is acquiring TouchNet Information Systems Inc., including its software, customer base and existing employees, it said in a news release.

“I am extremely pleased to announce the acquisition of TouchNet, which is not only Heartland’s largest acquisition to date, but is also an excellent complement to our existing Campus Solutions business that will immediately improve our growth profile and contribute to our bottom line,” Robert O. Carr, chairman and CEO of Heartland Payment Systems, said in the release.

TouchNet has more than 600 higher education clients serving more than 6 million students, Heartland said, and the acquisition will make Heartland the nation’s largest provider of integrated commerce solutions to the higher education market.

TouchNet operations will continue to be based in Kansas, Heartland said.

The transaction is expected to close in the third quarter, subject to regulatory approval.

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