TSYS Increases Investment in Central Payment Co. Joint Venture
Central Payment founders to remain managing partners under new agreement
COLUMBUS, Ga.--(BUSINESS WIRE)--TSYS (NYSE: TSS) announced today that it has increased its stake in its Central Payment Joint Venture (CPay) from 60 percent to 75 percent. Central Payment founders Matt and Zach Hyman have committed to lead the company as Co-Managing Directors for an additional three years.
“Under the leadership of Matt and Zach, the value of Central Payment has more than doubled to $250 million in the 18 months we have owned it”
“Under the leadership of Matt and Zach, the value of Central Payment has more than doubled to $250 million in the 18 months we have owned it,” said Mark Pyke, president of TSYS’ Merchant Services segment. “We are excited about their continued leadership of the company and the future growth and success of the joint venture. Our increased investment and extension of our relationship with the Hyman’s are testament to how well this partnership is working.”
“Our success at CPay is largely because of the outstanding group of sales agents that we deploy across the country,” said Zach Hyman. “We are able to leverage TSYS’ single platform strategy to present a compelling value proposition to help attract some of the best talent in the industry.”
About Central Payment Co.
Central Payment is a direct merchant acquirer — based in San Rafael, California — servicing small- to medium-sized merchants through an Independent Sales Agent (ISA) model. Founded in 2005, Central Payment focuses on merchants in the restaurant, personal services and retail sectors. In 2012, Central Payment was named one of the fastest growing private companies in the United States by Inc. magazine for the fourth consecutive year. In August of 2012, the founders entered into a Joint Venture with TSYS, which became the majority owner.
At TSYS®, (NYSE: TSS), we believe payments should revolve around people — not the other way around. We call this belief "People-Centered Payments®." By putting people at the center of every decision we make, TSYS supports financial institutions, businesses and governments in more than 80 countries. Through NetSpend®, a TSYS Company, we empower consumers with the convenience, security, and freedom to be self-banked. TSYS offers issuer services and merchant payment acceptance for credit, debit, prepaid, healthcare and business solutions.
TSYS’ headquarters are located in Columbus, Georgia, with local offices spread across the Americas, EMEA and Asia-Pacific. TSYS is a member of the Civic 50 and has been named one of the 2013 World's Most Ethical Companies by Ethisphere magazine. TSYS routinely posts all important information on its website. For more, please visit us at www.tsys.com.