Visa said on Wednesday that it plans to acquire Payworks, makers of payment gateway software for the point of sale (POS). The company plans to integrate Payworks' processing software into its CyberSource digital payment platform, creating a fully white-labeled omnichannel payment management platform that spans in-store, in-app, or online purchases.
Visa said the acquisition follows a strategic partnership and investment it made in Payworks early last year. Going forward, Visa's merchants and acquirer clients can use the Payworks integration to run and configure POS offerings and terminals.
"For the past two years, we have partnered closely with Payworks to deliver cutting-edge integrated commerce solutions for CyberSource's clients worldwide," said Carleigh Jaques, SVP and global head of digital merchant products for Visa, in a press release. "As these solutions become mainstream, aligning more closely with Payworks and combining our businesses is a natural extension of our relationship."
Financial terms of the deal were not disclosed.