Payment processing giant Vantiv announced that it is acquiring Paymetric, an electronic payments software firm focused on the B2B channel. Financial terms of the deal were not disclosed.
Paymetric is used by enterprises to accept, process and integrate secure electronic payments within enterprise systems, including SAP, Oracle, Hybris and Salesforce.
One of Paymetric's hallmark features is its patented tokenization process, which secures customer payment data running through enterprise software systems by replacing it with a random numerical sequence.
Vantiv CEO Charles Drucker said the acquisition builds upon the company's strategy to expand into high-growth channels, which in this case is B2B. Vantiv estimates the B2B payments vertical to be worth $30 trillion.
"Paymetric's deep system integration and workflow automation expertise will enhance our already-leading e-commerce technology capabilities," Drucker said. "Paymetric's B2B focus will also enable us to enter this fast-growing vertical in a unique and differentiated way."
Vantiv is currently the second-largest merchant acquirer by transaction volume and the largest PIN debit acquirer in the US. In 2014, Vantiv bought Mercury Payment Systems, a payment technology provider and Vantiv competitor, for $1.65 billion.