Press Release (ePRNews.com) - PITTSBURGH - Aug 21, 2018 - Pineapple Payments, a payment processing technology company, today announced that it has acquired Transax, a payments-focused software company that offers a full-service payment gateway and other omni-channel payment enablement tools for merchants and integrated software providers. Transax will remain in its offices in Rolling Meadows, Illinois, while Pineapple will continue to expand its headquarters in downtown Pittsburgh. Terms were not disclosed.
Having completed four acquisitions and two significant investments over the past 10 months since closing on a $40 million Series A round led by Providence Strategic Growth, Pineapple is now poised to become a force in the payments technology industry. The firm serves more than 13,000 merchants and processes $3 billion in volume annually. With the acquisition of Transax and a growing distribution network, the company has a strategy in place to become a major player as one of the premier payment gateways within a matter of months.
“Transax has a 10-year track record as an omni-processing payment gateway connecting merchants of every size to the top payment processors in the world like Worldpay and TSYS,” said Pineapple Payments CEO Brian Shanahan. “When you add in its suite of products tailored for SMBs and software developers to enable payments and the platform’s ability to be customized for and tailored to each individual partner or business, the conversation about where we are going to take Pineapple drastically changes. We now have the complete set of tools to compete with everyone and anyone in our industry and we plan to do just that.”
We are well-positioned to grow their platform and we have big plans for bringing it to market under the Pineapple brand. It is truly unique in that it can be used out-of-the-box as it is, completely white-labeled or fully integrated via API by re-sellers and merchants alike.
Based just outside of Chicago, Transax brings a strong mix of technologists, product support specialists and business development leaders to Pineapple. Their team is most excited about what the acquisition means for their platform and their distribution partners. On the subject, Transax CEO Matthew Schwartz said, “We are most excited to join forces with Pineapple because of their team’s extensive experience in payments and technology. With Providence Strategic Growth’s support, we are confident that we can provide an even better experience for our re-sellers and their merchants. We’ve dedicated ourselves to our technology and our partners for a decade, and Pineapple is committed to supporting us in that same vein for years to come.”
Brian Shanahan is a household name in the payments industry, having built and exited from four different payments companies over three decades. Shanahan’s most recent success was as the founder and CEO of CardConnect, now a First Data company. “We are thrilled for Matthew Schwartz, Adam O’Hare and the rest of the Transax team to join us at Pineapple,” said Shanahan. “We are well-positioned to grow their platform and we have big plans for bringing it to market under the Pineapple brand. It is truly unique in that it can be used out-of-the-box as it is, completely white-labeled or fully integrated via API by re-sellers and merchants alike.”
Shanahan has built his core team with technology in mind, having partnered with SaaS veterans Jon Halpern and Brian Gross who serve as Pineapple’s president and executive vice president respectively. “We are going to invest heavily into our payments feature set and the underlying platform, as well as in our direct sales force and channel partners,” said Halpern. “The most exciting thing for us with Transax is the breadth and flexibility of its functionality. It offers everything from recurring billing and invoicing to batch payment processing and fully hosted online payment pages. We are most excited about our native payments plugin for Quickbooks, which is truly a differentiator in the marketplace. With our vision for the company and strong sales and technical leadership, our future is bright.”
ABOUT PINEAPPLE PAYMENTS
Pineapple Payments is a Pittsburgh, Pennsylvania-based payment processing technology company that provides omni-channel payment acceptance tools for merchants of all shapes and sizes, from start-ups to large-scale enterprises. From its innovative technology solutions to its proactive payments concierge team, Pineapple truly takes a fresh approach to payment processing. In 2017, Pineapple Payments received substantial investment for accelerated growth from Providence Strategic Growth (PSG), the growth equity affiliate of Providence Equity Partners, a global private equity firm with more than $50 billion in assets under management.
Transax is a Rolling Meadows, Illinois-based software company focused on building payments technology tools. Their flagship product is the Transax Payment Gateway, which offers both out-of-the-box and API-driven payments solutions for merchants and integrated software vendors. Through a wholesale sales model, the payments industry’s biggest players have leveraged Transax as a payment gateway to connect merchants with their backend processing platforms. Transax has partnered with more than 100 re-sellers who have driven more than 4,000 merchants to their platform. Today, the company processes over $1 billion in payment volume annually.
Brian Gross, EVP of Pineapple Payments