RESTON, Va.--(BUSINESS WIRE)--Transaction Network Services (TNS), a portfolio company of Siris Capital Group since February 2013, has entered into an agreement to sell its Payment Gateway Services business to MasterCard for an undisclosed sum.
MasterCard will acquire TNS’ eCommerce and card-present payment gateways, which will become part of the DataCash payment gateway suite. With the addition of TNS’ Payment Gateway Services, DataCash will be able to drive additional growth of the eCommerce category – and use of MasterCard-branded products – in North America and Latin America. The combined offering will also expand the support for the next generation of online and mobile payments solutions through a quick integration with existing merchant and acquirer platforms. The transaction is subject to customary closing conditions and is expected to close before year end.
Mike Keegan, Co-Chief Executive Officer at TNS, said: “At TNS, we have created a feature-rich, flexible payment gateway business with best in class infrastructure and availability. Combining this business with DataCash’s offering will create a truly differentiated global digital commerce solution with increased development and distribution capabilities. TNS looks forward to continuing to work with MasterCard and DataCash to help their customers grow and expand their business.”
Morgan Stanley & Co. LLC was the lead financial advisor to TNS. TNS was also advised by Evercore Partners Inc. and Moelis & Company. Simpson Thacher & Bartlett LLP acted as legal advisor.
Transaction Network Services (TNS) is a leading global provider of data communications and interoperability solutions. TNS offers a broad range of networks and innovative value-added services which enable transactions and the exchange of information in diverse industries such as retail, banking, payment processing, telecommunications and the financial markets.
Founded in 1990 in the United States, TNS has grown steadily and now provides services in over 60 countries across the Americas, Europe and the Asia Pacific region, with our reach extending to many more. TNS has designed and implemented multiple data networks which support a variety of widely accepted communications protocols and are designed to be scalable and accessible by multiple methods.
Transaction Network Services is a wholly-owned subsidiary of affiliates of Siris Capital Group.
For further information about TNS, visit www.tnsi.com.