Brian Shanahan, who sold King of Prussia-based CardConnect to Fiserv (formerly First Data) in July 2017 for $750 million, today had another exit to Fiserv: Pittsburgh-based Pineapple Payments.
“The acquisition will expand the reach of market-leading payment solutions from Fiserv, including the CoPilot partner platform, Clover® and Clover Connect, through the technology- and relationship-led distribution channels of Pineapple Payments”. Fiserv said in a statement.
Founded in 2016, Pineapple Payments provides payment processing based on proprietary technology and omni-channel payment acceptance solutions for integrated software vendors (ISVs) and small and medium businesses (SMBs). The company currently serves more than 25,000 merchants.
Terms were not disclosed. Pineapple Payments is a private company. CrunchBase said it had raised $35 million, and made six acquisitions. Fiserv expects the deal to close in the 2nd quarter.
CardConnect went public thru a SPAC in 2016, before SPACs became an everyday ocurence.
CardConnect was actually a trend setter, the first of Philadelphia financier Betsy Cohen’s nine SPACs.