ScanSource Inc., a provider of technology products and solutions, has announced a definitive agreement to acquire POS Portal, a leading distributor of payment devices and services primarily to the small and medium-sized business market segment.
According to a news release, Greenville-based ScanSource and Sacramento, Calif.-based POS Portal “will create the industry’s largest payments channel, ensuring customers have access to the solutions, services and support that can help them be successful.”
Under the agreement, the all-cash transaction includes an initial purchase price of approximately $144.9 million, plus an earn-out payment up to $13.2 million to be made on Nov. 30, according to the release.
“The acquisition of POS Portal uniquely positions ScanSource as a market leader in both the POS (point of sale) and payments channels,” said ScanSource CEO Mike Baur, in the release. “POS Portal brings an excellent customer service reputation, highly regarded value-added services, and vast knowledge of the payments industry. Together, we will provide greater business opportunities for our solution delivery channels. The tremendous culture fit between POS Portal and ScanSource will be exciting for our employees and customers.”
Buzz Stryker, cofounder and CEO of POS Portal, and Scott Agatep, company COO, along with the POS Portal team, will join ScanSource’s Worldwide Barcode, Networking and Security segment upon completion of the acquisition, the release said.
“ScanSource has been following our growth and strategy for a few years and saw the opportunity to expand our business model,” Stryker said, in the release. “As the payments channels converge, we and ScanSource are prepared to lead the channel with new services and solutions, and accelerate our strategic plan to provide the shopping and checkout infrastructure to tomorrow’s physical location merchant, in partnership with the channel. We have a common vision for POS Portal to continue to innovate with suppliers, customers, and partners and advance our leading systems and processes.”